West Australian based minerals exploration company Terrain Minerals announced that it opted to acquire the Rembrandt Gold Project in WA’s Goldfields after satisfying the condition precedent that obligated the company to spend $25,000 on an exploration program across the project.
“The condition precedent to proceeding with the transaction was the completion of a minimum of $25,000 exploration program across the project,” the Company said in a statement to the ASX.
“The condition precedent has been completed and the associated drilling program yielded sufficiently positive results for Terrain to elect to proceed with the acquisition.”
Terrain said it has elected to proceed with the acquisition of Rembrandt Mining for $1.00 consideration, with the Rembrandt shareholders to receive a free carried profit share from any mining operations across the project area.
Under the terms of the agreement, Rembrandt will be free carried to receive 25% of the profit for up to 15,000 ounces of gold produced and 15% of the profit from the project for in excess of 15,000 ounces of gold produced.
Located 10 kilometres south of Menzies and 110 kilometres north of Kalgoorlie in central WA, the Rembrandt Gold Project consists of two granted exploration licenses and two prospecting licenses that cover approximately 56km2.
The 4 tenements which make up the project include P29/2262, P29/2263, E29/867 and E29/863.
