Starvest PLC Investee Company Greatland Gold PLC Signs Deal
May 30 2017 - 4:36AM
RNS Non-Regulatory
TIDMSVE
Starvest PLC
30 May 2017
30 May 2017
Starvest Plc ("Starvest" or "the Company")
Investee Company Greatland Gold PLC Signs Deal With Global Gold
Producer
Starvest PLC (LON:SVE), the London Stock Exchange AIM listed
specialist mining and resources investment business, is pleased to
provide an update on its investee company Greatland Gold PLC
(LON:GGP), which earlier this month announced that it had signed a
deal with global gold giant Newmont.
Highlights
-- Investee company Greatland Gold PLC ("Greatland") signs deal
with Newmont Exploration Pty Ltd ("Newmont"), a subsidiary of
Newmont Mining Corporation (NYSE:NEM), one of the world's largest
gold producers, with respect to Greatland's 100% owned Ernest Giles
gold project;
-- Newmont is granted a right of first refusal should Greatland
wish to sell or joint venture the Ernest Giles project during a six
month period;
-- Positive results from recent work at Ernest Giles have
established Ernest Giles as a new gold province in Western
Australia.
Callum Baxter, Chairman and CEO commented: "Starvest have
supported Greatland for several years after initially investing
pre-IPO. The team at Greatland have worked very hard at developing
their projects and the recent discoveries at Ernest Giles are very
exciting. The tie-up with Newmont validates their technical
capability and management skills. We look forward to further news
on the activities at Greatland and the Ernest Giles Project.'
Greatland Gold PLC - Ernest Giles
Greatland was admitted to AIM in 2006 and Starvest initially
invested pre-IPO following a positive review of their assets and
management. After several years of project evaluation and early
stage exploration work Greatland has assembled a robust portfolio
of gold focussed projects located in Australia. All projects are
100% owned by Greatland or Greatland has the rights to 100% of the
projects. The Ernest Giles project is currently a primary focus for
Greatland.
Ernest Giles is a large gold project in central Western
Australia covering over 1,800 square kilometres. The prospective
rocks are buried under younger sequences making the area virtually
unexplored. Greatland is targeting large +5m ounce deposits at
Ernest Giles and in January 2017 announced it had discovered two
large zones of gold mineralisation at the Meadows target in the
southern portion of the Ernest Giles project highlighting the
potential for the Ernest Giles project to host several major gold
camps.
During May 2017 an agreement was entered into by Newmont
Exploration Pty Ltd, a subsidiary of Newmont Mining Corporation,
and Greatland Pty Ltd, an Australian-based subsidiary of Greatland
Gold plc whereby, for a period of six months a) Greatland Pty Ltd
grants Newmont access to the Ernest Giles project tenements and
exploration database; and b) Greatland Pty Ltd grants Newmont a
right of first refusal should Greatland wish to sell all or part of
the Ernest Giles project.
The agreement with Newmont represents a major milestone for the
Ernest Giles project and Greatland. Newmont are one of the largest
global gold producers and for a project to be attractive it must
have the capacity for significant upside; in terms of size and
profitability. The tie-up demonstrates the potential of the Ernest
Giles project and validates Greatland's technical capacity and
management skills.
Newmont has several proprietary exploration techniques developed
in-house some of which are ideally suited to the Ernest Giles
project. Newmont will solely fund activities they carry out at
Ernest Giles over the coming field season. Additional activities,
guided by Greatland, are underway at Ernest Giles to better define
drill targets within the vast project area.
Starvest continues to closely follow the activities at Greatland
and looks forward to additional information from the Ernest Giles
project. The involvement of Newmont could result in a fundamental
company changing event for Greatland with a possible significant
increase in market capitalisation. Starvest is a specialist mining
and resource investment company and has the industry knowledge and
market exposure to select compelling opportunities early in the
investment cycle.
Callum N Baxter
Chairman & Chief Executive
30 May 2017
Enquiries to:
Starvest PLC
Callum Baxter Chairman/CEO 07922 255 933
cbaxter@starvest.co.uk
John Watkins Finance Director 07768 512 404
jwatkins@starvest.co.uk
Grant Thornton UK LLP (Nomad)
Colin Aaronson or Harrison Clarke 02073 835 100
SI Capital Ltd (Appointed Broker)
Nick Emerson or Andy Thacker 01483 413 500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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