Join our daily newsletter At The Bell to receive exclusive market insights
- Ausmex Mining (AMG) and Jin Resources have mutually agreed to extend the settlement and completion date for the Gilded Rose Gold Project
- A total of $2.3 million will now be paid on or before January 28 instead of December 13
- Originally, settlement was due on December 6 but the date was extended to December 13
- Ausmex’s share price is steady today with shares trading for 7.4 cents apiece
Ausmex Mining (AMG) and Jin Resources have mutually agreed to extend the settlement and completion date for the Gilded Rose Gold Project.
The completion date is now January 28 2020 and Jin Resources have paid a non-refundable extension fee to Ausmex in consideration for the extension.
This extension is an addition to one announced earlier this month in which the deadline was extended to December 13.
Jin Resources is a mineral explorer company based in Hong Kong with aims to fast track gold production at the Gilded Project.
A payment of $2.3 million will be paid on completion which is expected to take place on or before January 28, 2020 instead of December 13, 2019.
A total of $500,000 shall be paid to Ausmex 12 months from December 6 2019 and $1 million shall be paid to Ausmex on production of 10,000 ounces of gold.
In late October, Ausmex decided to sell its Gilded project in Queensland to Jin Resources for $4 million.
Reverse circulation drilling highlights from the project include 1 metre at 22g/t gold, 1 metre at 17.25g/t gold, and 3 metres at 11.16g/t gold from 79 metres.
Ausmex’s share price is currently steady with shares trading for 7.4 cents apiece at 12:31 pm AEDT.
