A1 Gold Mine could be reopened

Heron Resources has purchased an Option to acquire and reopen the A1 Gold Mine in the Woods Point District of Eastern Victoria located 120 km east north east of Melbourne.

Heron Resources has purchased an Option to acquire and reopen the A1 Gold Mine in the Woods Point District of Eastern Victoria located 120 km east north east of Melbourne.

The A1 Mine has historically produced more than 450,000 ounces of gold and was one of Australia’s longest operating mines having been worked from 1861 through to 1992.

The conditions of the Option are a term of two years; and Option Purchase Price of $760,000 cash; and and Option Exercise Price of $240,000 cash plus 20,000,000 fully paid ordinary Heron shares.

During the Option period a feasibility study will be completed using the results from the evaluation program.

As the gold is dominantly coarse and free milling (from previous recovery through a battery), the study will evaluate gravity concentration options.

The expected cost of completing both the evaluation program (including development of the decline to the 14 level) and feasibility study is approximately $18 million.

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