Southern Cross Goldfields Completes Silver Project Acquisition

Southern Cross Goldfields Ltd. (ASX:SXG) announced that it has completed the acquisition of the Wonawinta silver project. The company plans to change the project’s name to Manuka.

As quoted in the press release:

The Manuka Silver Project has a 2 million ounce capacity process plant in place and a JORC Resource of some 60 million ounces of silver. It was acquired from the liquidators of Cobar Consolidated Resources (ASX:CCR) for $375,000 cash. SXG aims to have the mine back in production in December this year.

The Company has also met pre-conditions for accessing the $60 million debt funding package provided by the TrailStone Group. The first tranche of the initial $25 million facility has been used to complete the acquisition of Manuka, with $5.8 million applied to replace existing environmental bonds. It also funded full repayment of the Company’s $5 million debt facility with RMB Australia Holdings Limited which was finalised on 23 September. The remainder of the initial funds to be drawn in coming weeks will support development of the Company’s projects.

Click here to read the full Southern Cross Goldfields Ltd. (ASX:SXG) press release.