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Greatland Gold PLC (GGP)

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Wednesday 13 January, 2021

Greatland Gold PLC

Newcrest Approves Early Works Funding for Havieron

RNS Number : 4665L
Greatland Gold PLC
13 January 2021
 

 

13 January 2021

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

Greatland Gold plc

("Greatland" or "the Company")

 

Newcrest Approves Funding for Early Works at Havieron Project

 

Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to note the release of an ASX announcement titled "Havieron Project receives regulatory and funding approval" by Newcrest Mining Ltd ("Newcrest") earlier today, which highlights that the Newcrest Board has approved A$146 million (~US$112 million), on a 100% basis, for the construction of the box cut, exploration decline and associated surface infrastructure at the Havieron Project in Western Australia, which it owns in joint venture with Greatland. This funding approval by the Newcrest Board follows receipt of the necessary regulatory approvals to commence these construction activities (as announced on 29 December 2020).

 

As announced on 30 November 2020, Greatland, and its joint venture partner Newcrest, entered into a Loan Agreement which will provide Greatland with access to loan facilities totalling US$50 million. This Loan Agreement will be used to fund Greatland's share of early works and growth drilling activities up to the completion of a Pre-Feasibility Study and, thereafter, its joint venture expenditure requirements towards the completion of a Feasibility Study. Newcrest expects to complete a Pre-Feasibility Study for the project by late calendar year 2021.

 

Work is ongoing to finalise the Water Management Plan for the early works program and to progress further approvals and permits which will be required to commence development of any operating underground mine and associated infrastructure at the Havieron Project.   In addition, the development of any underground mine at the Havieron Project will also be subject to further studies, Board approvals and a positive decision to mine.

 

 

Enquiries:

 

Greatland Gold PLC

Gervaise Heddle/Callum Baxter

Tel: +44 (0)20 3709 4900

Email: [email protected]

www.greatlandgold.com

 

SPARK Advisory Partners Limited (Nominated Adviser)

Andrew Emmott/James Keeshan

Tel: +44 (0)20 3368 3550

 

Berenberg (Joint Corporate Broker and Financial Adviser)

Matthew Armitt/Jennifer Wyllie/Detlir Elezi

Tel: +44 (0)20 3207 7800

 

Hannam & Partners (Joint Corporate Broker and Financial Adviser)

Andrew Chubb/Matt Hasson/Jay Ashfield

Tel: +44 (0)20 7907 8500

 

SI Capital Limited (Joint Broker)

Nick Emerson/Alan Gunn

Tel:  +44 (0)14 8341 3500

 

Luther Pendragon (Media and Investor Relations)

Harry Chathli/Alexis Gore/Joe Quinlan

Tel: +44 (0)20 7618 9100

 

 

Notes for Editors:

 

Greatland Gold plc is a London Stock Exchange AIM-listed (AIM:GGP) natural resource exploration and development company with a current focus on precious and base metals. The Company has six main projects; four situated in Western Australia and two in Tasmania.

 

In March 2019, Greatland signed a Farm-in Agreement with Newcrest Operations Limited, a wholly-owned subsidiary of Newcrest Mining Limited (ASX:NCM), to explore and develop Greatland's Havieron gold-copper deposit in the Paterson region of Western Australia. The Havieron Project is operated by Newcrest under a Joint Venture Agreement with Greatland Gold plc. Newcrest can earn up to a 70% joint venture interest through total expenditure of US$65 million and the completion of a series of exploration and development milestones in a four-stage farm-in over a six year period that commenced in March 2019. Newcrest may acquire an additional 5% interest at the end of the farm-in period at fair market value.

 

The Joint Venture Agreement includes tolling principles reflecting the intention of the parties that, subject to a successful exploration program and feasibility study and a positive decision to mine, the resulting joint venture mineralised material will be processed at Telfer, located 45km west of Havieron.

 

Greatland is seeking to identify large mineral deposits in areas that have not been subject to extensive exploration previously. It is widely recognised that the next generation of large deposits will come from such under-explored areas and Greatland is applying advanced exploration techniques to investigate a number of carefully selected targets within its focused licence portfolio.

 

The Company is also actively investigating a range of new opportunities in precious and strategic metals and will update the market on new opportunities as and when appropriate.

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