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Saturday, March 6, 2010

Lihir Gold (NASDAQ:LIHR) Sells Ballarat Project

Lihir Gold Sells Ballarat Project

Lihir Gold (ASE:LGL) has sold its Ballarat project to Castlemaine Goldfields (ASE:CGT) for A$4.5 million.

Based in Victoria, Australia, the Ballarat Gold Mine sale will be subject to meeting certain conditions; a major part being the issuing of stock to raise A$20 million.

Terms of the deal, along with the sales price, includes Castlemaine keeping a 2.5 percent royalty of any production in the future, with a cap of A$50 million on that part of the agreement.

In the near term Lihir said it will focus on exploration rather than operations at this time.

Lihir Gold Sells Ballarat Project

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