Aus Tin Mining to Acquire Granville Tin Project and Processing Plant in Tasmania

Aus Tin Mining Ltd. (ASX:ANW) announced that it has signed a non-binding Heads of Agreement (HOA) to acquire McDermott Mining Pty Ltd and the Granville tin project in Tasmania.
As quoted in the press release:

Subject to satisfactory due diligence and receipt of all necessary approvals the Company will acquire McDermott Mining and its assets for $1.30 million, comprising vendor finance, a 2 percent Net Smelter Royalty and assumption or repayment of an existing working capital facility (the Transaction).  It is the Company’s intention to recommence operations as soon as possible.
The Granville Tin Project comprises two mining leases, the Granville East open pit, the Central Big H & North Heemskirk Deep Lead prospects, and the Twelve Mile processing plant (Figure 1).  The Granville Tin Project has been operated variously since 1984 and produces a tin concentrate grading over 70% Sn.   The Granville Tin Project was placed on care & maintenance during the first half of 2015 whilst the owners sought to secure the necessary capital to progress an expansion of the project.

Highlights:

• Heads of Agreement signed to acquire the Granville Tin Project located near Zeehan, Tasmania.   Transaction conditional on satisfactory due diligence and obtaining necessary approvals.
• Granville Tin Project comprises two Mining Leases, the Granville East open pit, the Central Big H & Deep Lead prospects and the Twelve Mile processing plant.  The Granville Tin Project has been operated variously since 1984 and produces a tin concentrate grading over 70% Sn.  The Granville Tin Project is currently on care & maintenance.
• Acquisition of the Granville Tin Project will provide Aus Tin Mining with the opportunity to generate early cash flow and compliments the Stage 1 Development at Taronga Tin Project.

Click here to read the full Aus Tin Mining Ltd. (ASX:ANW) press release.