Evolution Mining Announces Acquisition of Connors Arc Exploration Project

Evolution Mining Limited advised that it has entered into an agreement with Orion Minerals Limited to acquire 100% of the Connors Arc exploration project (“Connors Arc”).

Connors Arc is a large early-stage exploration project covering approximately 3,200km2 , located 160km northwest of Rockhampton in Queensland (see Figure 1). It is a technically compelling project with multiple and very extensive alteration zones which could be indicative of multiple preserved epithermal gold systems. The project area has similar geological characteristics to two of Evolution’s current mines, Mt Carlton and Cracow, both of which are >1Moz epithermal gold deposits.

Commenting on the acquisition, Evolution’s Vice President Discovery, Glen Masterman, said:

“The Connors Arc acquisition is in line with our strategy of building a pipeline of quality exploration projects. It represents a rare opportunity to secure a large and underexplored land position in a region where we are already operating and have significant expertise.”

Key terms of the agreement:

  • An upfront cash payment of A$1.5 million followed by two payments of A$0.5 million each that are conditional on certain tenement renewal and extension conditions; and
  • A 2% net smelter return royalty over gold produced from the project with payments capped at A$5.0 million. Completion of the transaction remains subject to standard regulatory conditions.

Disclaimer

The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkine.com.au and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). The information on this website has been prepared from a wide variety of sources, which Kalkine Pty Ltd, to the best of its knowledge and belief, considers accurate. You should make your own enquiries about any investments and we strongly suggest you seek advice before acting upon any recommendation. Kalkine Pty Ltd has made every effort to ensure the reliability of information contained in its newsletters and websites. All information represents our views at the date of publication and may change without notice. To the extent permitted by law, Kalkine Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss or data corruption). If the law prohibits this exclusion, Kalkine Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services. There may be a product disclosure statement or other offer document for the securities and financial products we write about in Kalkine Reports. You should obtain a copy of the product disclosure statement or offer document before making any decision about whether to acquire the security or product. The link to our Terms & Conditions has been provided please go through them and also have a read of the Financial Services Guide. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s