KalNorth Gold Mines has confirmed the sale of its Kalpini project in Western Australia for $3.2 million.
Following an agreement early last month, NBT Metals was granted an extension to make the payment by May 31 and has since secured the site, which excavates gold roughly 75km north-east of Kalgoorlie.
The project comprises the Gambia and the Atlas trends, with Gambia being the larger and higher grade of the two.
“Lack of funding has been a constraint on exploration activity and the receipt of proceeds from the sale of Kalpini will address that,” said Jiajun Hu, KalNorth Gold Mines’ executive chairman.
KalNorth has also granted NBT a first right of refusal for a term of two years with respect to any proposed sale of the company’s Kurnalpi and Lindsays’ projects.