Argent Signs Up to Buy Barrick's Bullant Goldmine

mobile gold ore processing unit

Argent Minerals Limited is pleased to announce it has executed an Asset Sale Agreement with Barrick (PD) Australia Limited, a wholly owned subsidiary of Barrick Gold Corporation to acquire the Bullant Tenement Package.

The Bullant Tenement Package (M16/44 and M16/45) includes the Bullant underground gold mine located approximately 65kms from Kalgoorlie. Site facilities and equipment are included in the purchase. Barrick ceased mining in December 2009 following underground production of 1.95million tonnes at 5.1g/t for 322,700 ounces of gold between 2002 and December 2009. Production in 2009 was 144,750 tonnes at 5.9g/t gold for 27,400 ounces of gold.

The consideration for the acquisition comprises a cash payment of $5,276,000 and 350,000 Argent shares. A deposit of $527,600 (10%) has been paid to Barrick.

The purchase is conditional on approval for the issuance of Argent shares to fund the purchase. Argent will seek the necessary shareholder and regulatory approvals to conduct the capital raising and consents for the proposed transaction generally including those required under the Mining Act (WA) as soon as possible.