Kingsgate receives $2M offer for Challenger mine

Company News

Kingsgate Consolidated Limited (ASX:KCN) has received an open offer for the Challenger gold mine and related assets from Marmota Energy Limited.
 
The precious metals and uranium exploration company extended an open offer to Kingsgate Consolidated for the Challenger Gold mine in South Australia for $2 million.
 
Marmota Energy highlighted the offer price is twice that of the offer announced by WPG Resources on Friday 30 October, but maintains the same conditions.
 
The company cites a potential synergy with Marmota’s 100 percent owned Westpoint Hill target, located approximately 25 kilometres west of the Challenger gold mine.
 
Kingsgate Consolidated recorded a net loss of $147 million at 30 June 2015.