Gold miner Kingsgate has announces that it has entered into an agreement to purchase the Bowdens silver project in New South Wales from a wholly-owned subsidiary of Silver Standard Resources Inc.
The takeover is subject to the satisfaction of certain conditions precedent, Kingsgate said.
Bowdens, located 240km west of Sydney, is an epithermal silver deposit with an existing resource of 79.5Moz of silver, and an additional inferred resource of 17.6Moz, using a 40 g/t silver equivalent cut-off grade.
The project has been subject to extensive technical and feasibility due diligence.
Kingsgate says its development team plans to fast-track the project through a Bankable Feasibility Study and based on the initial review, Bowdens could be in production by early 2014.
Bowdens has the potential to be a robust project with the possibility of increasing the resource base.
The results of an updated scoping study are expected to be released in the next two months.
You can watch Kingsgate Managing Director Gavin Thomas talking about his progression through the mining industry here.