Echo completes Metaliko takeover

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Image credit: www.metaliko.com.au

Echo Resources announced that it has successfully acquired 94.88% of the fully paid ordinary shares of Metaliko Resources for a total consideration of 167,610,482 Echo shares.

Image credit: www.metaliko.com.au

Echo’s CEO Simon Coxhell said the acquisition has resulted in the creation of a substantial gold business pursuing a rapid and modest-cost pathway to production through the combination of established mineral resources at the Julius open pit operation and the 2 Mtpa Bronzewing processing facility.

“Completion of the merger results in the combination of over 1,600km2 of underexplored tenement holdings which contain approximately 950,000 ounces of gold in one of WA’s most prospective greenstone belts,” Mr Coxhell remarked.

“In addition Echo now owns the 2Mta Bronzewing processing facility and associated infrastructure for the treatment of Julius and surrounding gold deposits in the district.”

Adertisement

He said the ability to monetise Echo’s advanced gold resources will underpin the company’s progress going forward and provide an excellent starting point for the development of an emerging and substantial gold mining and production company.

“The transaction delivers significant value and we welcome all Metaliko shareholders to the Echo register,” Mr Coxhell concluded.