- KalNorth Gold Mines (KGM) has agreed to sell its Kurnalpi Project for $18 million to Northern Star Resources (NST) subsidiary Northern Star Carosue Dam
- Kurnalpi is located around 85 kilometres northeast of Kalgoorlie, Western Australia
- However, the agreement is subject to a number of conditions such as written consent and KGM shareholder approval
- Currently, there is no set date for the shareholder meeting, but it is expected in late April or early May
- On the market, KGM shares have been suspended since August 2020, last trading at 1.3 cents per share
KalNorth Gold Mines (KGM) has agreed to sell its Kurnalpi Project for $18 million to Northern Star Resources (NST) subsidiary Northern Star Carosue Dam (NSCD).
Kurnalpi is located around 85 kilometres northeast of mining town Kalgoorlie, Western Australia.
Notably, the purchase includes tenement M28/70, which KGM agreed to purchase from Petalyn Fisher for $4.6 million. Under the new agreement, NSCD will take out a $5.4 million loan to pay for M28/70.
However, the agreement is subject to a number of conditions such as a written consent and KGM shareholder approval.
The deal is expected to be completed five business days after all the conditions are met or if the parties agree on a date in writing.
Directors of KGM have yet to set a date for a shareholder meeting. however, it is anticipated that the meeting will be held in late April or early May 2021.
On the market, KGM shares have been suspended since August 2020, last trading at 1.3 cents per share.