Before I start my address it is my pleasure to bring you some breaking news.
Last night we completed negotiations with Helix, our joint venture partner, to acquire their 30% interest in the Tunkillia project. We have announced this today. This means we have moved to 100% ownership of Tunkillia. The terms of this acquisition are set out in today’s announcement but in brief we have agreed to pay $500,000 and allot 10 million shares to Helix on transfer of the tenements, with a similar trailing payment and share issue along with a royalty when Tunkillia is developed.
Tunkillia is the larger of our two gold projects in South Australia and this move has substantial strategic value for our company. I will later expand on what this means for the company and our development plans.
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