End of Farm-In Agreement at Firetower Project

RNS Number : 2594T

Greatland Gold PLC

16 July 2015

 



16 July 2015

Greatland Gold plc

("Greatland" or "the Company")

End of Farm-In Agreement at Greatland Gold's Firetower Project

In October 2011 Unity Mining Ltd ('Unity') entered into a Farm-In agreement with Greatland Gold at Greatland Gold's Firetower Project in northern Tasmania, Australia. Under the agreement Unity could earn up to 75% of the licences by incurring a specified level of exploration expenditure over a five year period.

Since 2011, Unity has carried out significant field operations including airborne and ground geophysical surveys and diamond drilling. Results were encouraging and further work had been planned. However, Unity has recently advised Greatland that it had not met the Farm-In expenditure commitments within the agreed timeframes despite expenditure of approximately A$1.84 million. Greatland has therefore provided Unity with formal termination of the agreement.

Greatland confirms that it retains 100% of the licences and will resume management of the project backdated to 1st July 2015. Any unresolved environmental obligations as a result of work carried out by Unity are the responsibility of Unity and will be notified to Unity on advice from Mineral Resources Tasmania.

Callum Baxter, CEO, commented: "Greatland retains 100% of the Firetower licences which offer exciting opportunities for gold and base metals and we have the benefit of Unity's expenditure over recent years. Unity's work was carried out was to a high technical standard and we wish them all the best in their future endeavours."

Enquiries:

Greatland Gold PLC

Callum Baxter

Tel [phone]

Email:  [e-mail]

www.greatlandgold.com

Grant Thornton UK LLP (Nomad)

Colin Aaronson / Richard Tonthat

Tel [phone]

SI Capital Limited (Broker)

Nick Emerson / Andy Thacker

Tel  [phone]

Finsbury (Media Relations)

Gordon Simpson / Olivia Simpson

Tel [phone]

Notes to Editors

Greatland is a mineral exploration and development company based in Australia. The principal activity of Greatland Gold plc is to explore for and develop natural resources, with a focus on gold and nickel. The Company currently has four mineral projects located in Australia, including the Ernest Giles, Bromus, Firetower and Warrentinna projects. The pipeline of projects targets highly prospective areas for large gold and nickel sulphide orebodies. The Company was established in London in 2005 and admitted to AIM in July 2006.

The board seeks to increase shareholder value through the systematic evaluation of its existing resource assets, as well as the acquisition of suitable exploration and development projects and producing assets.

Greatland has a UK and Australian based board of directors, with a head office in London and an exploration office in Australia.

 

END

 

 

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