Tribune Resources (ASX: TBR) has wholly acquired Singapore-based Prometheus Developments by way of an all-scrip deal worth $24.7 million. Tribune will issue 5.5 million shares to the Prometheus vendors at $4.50 a share under the agreement. Prometheus has the right to acquire an 80% stake and a 40% legal interest in three mining tenements covering the Diwalwal gold project in the Philippines.
Tribune Resources Ltd acquires 100% of the issued capital of Prometheus Developments Pte Ltd which holds rights to the Diwalwal Mineral Reservation, Compostella Valley, Mindanao, Philippines.
High-grade low sulphidation epithermal gold deposit
Exploration Target defined and ready for diamond drilling
Significant exploration potential below artisanal workings
Located in well-endowed mineral field with mining culture
Australian gold producer, Tribune Resources Limited (Tribune or the Company, ASX: TBR) is pleased to announce it has acquired 100% of the issued capital of Singapore based Prometheus Developments Pte Ltd (Prometheus) via the issue of 5.5 million shares in the Company @ a deemed issue price of $4.50 for a total consideration of $24.75 million.
Prometheus has the right to acquire an 80% economic interest and 40% legal interest in three mining tenements covering the Diwalwal Gold Project (“Project”).
The Project is a low sulphidation epithermal gold project located just 40km south of Medusa Mining Limited’s (ASX: MML) Co-O gold mine in Mindanao, Philippines. Work by Prometheus in 2018 has confirmed the nature, geometry and tenor of mineralisation for the Balite and Buenas Tinago veins defined by previous mining and exploration and has defined an Exploration Target for the Balite Vein. These will be the focus of an extensive diamond drilling program by Tribune in 2019 with the intent to establish a maiden Mineral Resource estimate, reported in accordance with the 2012 JORC Code.
Commenting on the acquisition, director Mr Gordon Sklenka said;
“The Diwalwal Gold Project represents an excellent investment opportunity for Tribune and its shareholders.
“Having a strong balance sheet and income from the EKJV has allowed us to assess meaningful acquisitions where we will be able to transform the Company into a significant mining house.
“Diwalwal ticks all the right boxes for us in terms of adding value for shareholders. The project has secure tenure, excellent grades, prospective geology and the potential for the delineation of a very large gold deposit.
“Following the acquisition, we look forward to commencing drilling and defining a JORC-2012 compliant Mineral Resource in the first half of 2019.”