Intrepid Mines Limited: Sale of Paulsens Gold Mine
Intrepid Mines Limited (TSX:IAU)(ASX:IAU) announced the signing of a Letter Agreement with Northern Star Resources Limited for the sale of Paulsens gold mine in Western Australia for a consideration totalling A$27.0 million.
Intrepid Mines Limited (TSX:IAU)(ASX:IAU) announced the signing of a Letter Agreement with Northern Star Resources Limited for the sale of Paulsens gold mine in Western Australia for a consideration totalling A$27.0 million.
The press release is quoted as saying:
The Paulsens mill, which has produced in excess of 340,000 ounces of fine gold since it began operations in 2005, was placed on temporary care-and-maintenance in March 2010 during a production hiatus while underground work is underway to develop a new resource area. Gold production is expected to recommence in June 2010.