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miningnet.news article

  1. stolwyk

    22,691 posts.
    Thursday, April 01, 2004

    JINDALEE Resources has granted Equigold an option to explore Jindalee's wholly owned Kirkalocka gold project roughly 80km south of Mt Magnet in Western Australia's Murchison region.

    Equigold must assess the project by August 31, and may earn a 60% interest by spending $250,000 within four years.

    After that process, Jindalee would have a choice between contributing pro-rata or diluting to a 20% interest, free-carried to completion of a bankable feasibility study.

    Equigold holds 100% of a neighbouring gold mine with the same name as the Jindalee exploration project.

    Jindalee managing director Lindsay Dudfield said the close proximity to the Kirkalocka mine would improve the likelihood of early cash flow if a discovery is made at the exploration project.

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