Westgold Resources to buy gold projects from Doray

Company News

by Rachael Jones

Westgold Resources (ASX:WGX) has signed a binding term sheet with Doray Minerals to buy its Andy Well and Gnaweeda Gold Projects.

Westgold will pay Doray $2.5 million in cash and $6.5 million in shares at completion which is planned to occur on or about February 15, 2019.

The signing of the Term Sheet with Doray is another step toward total consolidation in the Central Murchison Region by Westgold.

The Andy Well and Gnaweeda Gold Projects provide future mining opportunities of both high-grade underground ore and bulk oxide open pit ores respectively.

Located just 50 km up the Great Northern Highway from the Bluebird Processing Hub, the projects have the advantage of leveraging off a larger and lower cost production base.

Shares in Westgold Resources (ASX:WGX) are trading 2.41 per cent higher at $0.85.

 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.