From Iron Ore to Gold
- Acquired South Australian iron ore projects in 2006 for $4 million and sold them in 2011 for $320 million
- Bought iron ore at bottom of market, sold at the top
- Acquired 100% of Tarcoola and Tunkillia gold assets in SA for $2 million plus 17.5 million WPG shares with trailing payments contingent on mine development
- Acquisition price: $2.69 per ounce of resource – very competitive price
- Objective is to bring Tarcoola into production in early 2016 at ~20,000 ounces of gold per annum and Tunkillia in 2018 at ~50,000 ounces of gold per annum
- Numerous high ranking targets identified in both project areas
- Management with a track record of successful exploration, development and operation of open pit and underground mines
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