Castlemaine Goldfields Limited (ASX Code:CGT) announces today that formal Farm-In Agreements have been signed by the Company and Stawell-based gold exploration company Navarre Minerals Limited (ASX Code:NML) in respect of Castlemaine’s prospective Raydarra and Sebastian Gold Projects (“Projects”) near Bendigo in Victoria. The Projects are along strike from the 22 million ounce Bendigo Goldfield and south of Navarre’s exciting Tandarra prospect, part of Navarre’s Bendigo North Project.
As announced in November 2011, the Farm-In Agreement for the Raydarra Project (EL 5266) provides for Navarre to earn a 51% interest by the expenditure of $300,000 over two years. Navarre may elect to earn an additional 24% interest by the expenditure of a further $600,000 over three subsequent years, for a total interest of 75%.
The Farm-In Agreement for the Sebastian Project (ELs 4974, 4536, 3105 & 5335) provides for Navarre to earn a 51% interest by the expenditure of $100,000 over two years. Navarre may elect to earn an additional 24% interest by the expenditure of a further $300,000 over three subsequent years, for a total interest of 75%.
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