ZAG – Zuleika Gold
http://au.investing.com/equities/dampier-gold-ltd
Also, AUD gold price has now pushed above $1,800oz or about US$1,366oz
https://www.bullionlist.com.au/
Please DYOR as always …….. Cheers tela
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From 28/07/16 Quarterly extract:
“The principal focus during the quarter was the sale of the Company’s interest in the Plutonic Dome Gold Project (Project), together with the evaluation of other investment opportunities for Dampier.
Plutonic Dome Gold Project:
On 3 March 2016, shareholders approved the sale to Vango Mining Limited (Vango) of the Company’s interest in the Project for the following consideration:
(a) Non Contingent Component: $2,200,000 (excluding GST) to be paid on settlement.
(b) Contingent Component The following amounts to be paid by Vango within 7 days after
the occurrence of the following events:
● $1,000,000 (excluding GST) on production of a total of
45,000 ounces of gold from the Project tenements;
● $1,000,000 (excluding GST) on production of a total of
100,000 ounces of gold from the Project tenements;
● $1,000,000 (excluding GST) on production of a total of
200,000 ounces of gold from the Project tenements; and
● $1,000,000 (excluding GST) on production of a total of
300,000 ounces of gold from the Project tenements.
(c) ROYALTY
Vango to pay a royalty in cash or gold on overall production from
the Project tenements as follows:
1.0% on each ounce of gold produced from the Project tenements as of the date
of issue of the mint receipt, calculated at the London Spot Fix AM (USD/oz) on
that day, where the London Spot Fix AM (USD/oz) is equal to or greater than
US$1,175/oz, or
● 2.0% on each ounce of gold produced from the Project tenements as of the date
of issue of the mint receipt, calculated at the London Spot Fix AM (USD/oz) on
that day, where the London Spot Fix AM (USD/oz) is equal to or greater than
US$1,250/oz, or
● 3.0% on each ounce of gold produced from the Project tenements as of the date
of issue of the mint receipt, calculated at the London Spot Fix AM (USD/oz) on
that day, where the London Spot Fix AM (USD/oz) is equal to or greater than
US$1,400/oz, or
● 4.0% on each ounce of gold produced from the Project tenements as of the date
of issue of the mint receipt, calculated at the London Spot Fix AM (USD/oz) on
that day, where the London Spot Fix AM (USD/oz) is equal to or greater than
US$1,500/oz.
The royalty is capped at $2 million.
*Settlement for the sale has commenced and the parties expect it to be finalised in early August 2016.
**Completion of the sale of the Project will give Dampier unencumbered >$4M in cash, the prospect of additional cash payments and a royalty stream with the development of the Project.
During the quarter, Dampier reviewed several potential new business acquisitions.
Assessment of other acquisition opportunities, as and when they may arise, will continue.”
