Rua Gold Inc announce it has entered into a definitive share purchase agreement, pursuant to which the Company will acquire 100% of the issued and outstanding shares of Reefton Resources Pty Limited, a 100% owned subsidiary of Siren Gold Ltd with tenements located adjacent to the Company’s suite of properties in New Zealand’s prolific Reefton Goldfield.
The Transaction will establish the Company as the dominant landholder in the Reefton Goldfield on New Zealand’s South Island, with approximately 120,000 hectares of tenements. The district produced over two million ounces at gold grades ranging from 9 to 50g/t. The Reefton Goldfield is seeing a resurgence in interest, led by the construction of Federation Mining’s Blackwater mine, which is expected to produce 70koz per annum at US$738/oz AISC [1].
Following the completion of the Transaction, the Company will be well positioned as the preeminent gold explorer in New Zealand with a pro forma market capitalization of ~C$60 million. Combining properties and exploration activities in the Reefton Goldfield provides many strategic benefits, including,
1: Increased profile with a very supportive local community that has a long history and skilled work force in mining.
2: Opportunity to realize significant synergies and cost savings. 3: Combined data sets, local work force and historic knowledge, leading to higher quality target generation with a greater scale of opportunities. 4: Ability to expand exploration programs and generate more consistent news flow & 5: Consolidation of permitting activities with an expedited project development timeline.
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