Metals X Limited
(ASX:MLX) has announced that the Cannon Mine joint venture with Southern Gold Limited
(ASX:SAU) will go ahead.
Formal approval has been given to the Stage 1 open pit gold mine near Kalgoorlie in Western Australia.
Metals X will be financing all upfront capital and operating costs and the tender process for services in nearly complete.
Key regulatory approvals are in place and ore will be processed at the Jubilee Mill in Metal X’s South Kalgoorlie operations.
The mine is expected to be operational within 4-6 weeks.
Metals X made a net profit of $15.9 million in the first six months of the 2015 financial year.
