Unity and Cortona Merge, Plan to Produce 100,000 oz Gold a Year

Cortona Resources Ltd. (ASX:CRC) and Unity Mining Ltd. (ASX:UML) announced that they plan to merge to create an Australian gold company that will produce about 100,000 ounces of gold per year.

According to the press release, highlights of the merger include:

• Combined cash reserves in excess of $40 million, plus cashflow from the Henty Gold Mine
• Gold reserves of approximately 350,000 ounces
• Gold resources in excess of 735,000 ounces
• Pro forma market capitalisation of ~90 million
• Exposure to West African gold exploration assets through 34% investment in GoldStone Resources Limited
• Capacity for continued growth through logical industry consolidation

Click here to read the full Cortona Resources Ltd. (ASX:CRC) and Unity Mining Ltd. (ASX:UML) press release.