Australian gold company Vector Resources has secured a major Chinese backer with Eagle Brilliant Holdings (EBH) becoming a strategic partner to bring the Gwendolyn East gold project in Western Australia to production. The agreement’s terms include EBH subscribing 51 million ordinary shares and 51 million options for a 19.9% interest.
Vector says the Aus$4.1 million investment, which is to be paid in two tranches, will fund progress of the Gwendolyn East project.
The company’s managing director Glyn Povey says EBH has become its cornerstone investor. “The Board was extremely pleased not only to welcome the strategic investment from Eagle Brilliant Holdings but also the ability to partner with an experienced company through to production at Gwendolyn East.
“EBH, as part of its wider investment group, has the ability to facilitate the plant procurement and provide associated infrastructure and technical skills to take Vector into production,” he said. EBH will be entitled to appoint one nominee to the Board of the company.
Its chairman and the founder of the group behind EBH, TianDiLong Group in east China’s Jiangsu province, Jiaping Jiang, says the investment group is interested in international exploration and mining opportunities. “We have assessed a number of opportunities and see Australia as a very attractive destination with huge potential for more discoveries of a variety of minerals. Vector has a competent and committed Board and management and we are pleased to have selected Vector for investment as they embark on some very promising gold projects.”
The Gwendolyn project consists of two tenements totalling 487 hectares in the Southern Cross region of Western Australia with historical gold mining. Past production at the site includes documented recovered gold grades of 15.7 grams/tonne from mining the Archaean banded iron formation hosted gold ore bodies at nearby Evanston and adjacent Blue Peter, Kitchie's and Goldies workings. Gwendolyn’s current indicated and inferred resource stands at 4.2 million tonnes @ 1.58 grams/tonne gold for 214,500 ounces.
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