Evolution Mining Limited
(ASX:EVN) has announced it has entered into an agreement with a subsidiary of Newcrest Mining to acquire the Marsden copper-gold project.
The terms of the deal will see Evolution make an upfront payment of $3 million once the purchase is complete, with a further $7 million due if mining commences at the site.
Marsden is located immediately to the south-east of Evolution’s Cowal gold mine in New South Wales and is the closest sizeable deposit known in the region.
The Mardsen site is estimated to contain 1.1 million ounces of gold and 0.67 million tonnes of copper.
Evolution Mining Limited posted a net loss of $24.4 million at 30 June 2016.
