Adelong Venture
GDM has signed a binding agreement with Adelong Gold and its subsidiary, Challenger Mines Pty Ltd (CGM), for the Adelong Gold Mine. This venture marks a significant step in the Company’s strategy to transition from an explorer to a gold producer. The Adelong Gold Mines have an historical production of over 800,000 ounces of gold and are viewed by GDM as a fundamental and material advancement for the company moving forward.
The Adelong Venture includes:
- Mining Lease ML 1435.
- Exploration Lease EL 5728.
- The Adelong gold mine processing plant and associated equipment.
Under the terms of the agreement:
- GDM will acquire an initial 15% interest in CGM for $300,000.
- GDM will become the manager of the Adelong Venture, responsible for day-to-day operations.
- Upon the first gold pour, GDM’s ownership will increase to 51%.
- Adelong Gold will not contribute any cash until gold production commences.
GDM plans to restart the existing plant and develop the mine plan this year, aiming to commence testing and commissioning works at the Adelong Processing Plant during Q3 FY25.
Yellow Jack Section
Great Divide Mining Ltd
Level 12, 127 Creek Street Brisbane QLD 4000
ABN: 47 655 868 803
Phone Number: 07 3071 9290
