Nagambie Resources Limited ('NRL') (ASX: NAG) is very pleased to announce that NRL and Golden Camel Mining Pty Ltd ('GCM') have received a Planning Permit from the Strathbogie Shire covering the removal of vegetation and the construction, operation, tailings disposal and rehabilitation of a gold toll treatment plant at the Nagambie Mine
NRL and GCM are finalising a 50:50 Joint Venture ('JV') Agreement ('JVA') for the toll treatment plant. Terms of the JVA will include: For the initial treatment plant with a nominal capacity of 180,000 tonnes of ore per annum, GCM will pay for all the construction and commissioning costs and pay for the first fill of all consumables; Any future gold recovery improvements will be paid for 50:50 by NRL and GCM; GCM will be the initial Manager of the JV with NRL and GCM being equally represented on the JV Committee. There will not be an overriding percentage Management Fee; All rehabilitation costs will be paid for by the JV; Initial ore treated will be trucked from GCM's Golden Camel Mine and If NRL proceeds to recover residual gold from the historic Nagambie
Contact:
Tel: (03) 5794 1750
Email: info@nagambieresources.com.au
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