Polymetals Mining Limited
(ASX:PLY) and Southern Cross Goldfields
(ASX:SXG) have announced a merger.
The companies have described the new entity as a significant diversified Australian gold company with the potential to join the ranks of mid-tier producers in the near term.
The merger will create a combined mineral resource inventory of 1.69 million ounces, with a strong development pipeline.
The Polymetals Board of Directors has unanimously recommended the merger and no Southern Cross shareholder approval is required in this instance.
Polymetals Mining reported a $558,000 net profit for the first half of the 2013 fiancial year.
