Ann: Indee Gold - Acquisition Update, page-64

De Grey Mining updates on Indee Gold acquisition



08:58 06 Sep 2018
11 resolutions in total will be voted on by shareholders at the meeting on October 5.
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A resource update could be revealed as early as late September
De Grey Mining Ltd (ASXEG) will put two resolutions to shareholders at an upcoming meeting related to the acquisition of Indee Gold Pty Ltd.
In February 2018, De Grey agreed to purchase 100% of the shares in Indee, and in accordance with the ASX rules, must obtain necessary shareholder approvals.
To date, total consideration remaining to settle includes $10.4 million cash and $3 million in De Grey shares, the latter which requires shareholder approval.
READ: De Grey Mining expects upgrade to 1.2 million ounce resource at Pilbara Gold Project

Throughout the first half year of 2018, De Grey has been aggressively drilling across many of the gold deposits to improve and increase resources at the Pilbara Gold Project in Western Australia.
Resource update coming soon

The resource models are currently being updated based on drilling completed to the end of July 2018.
The 2018 resource update report is anticipated in late September/early October and the updated resources will be used as the basis for new open-pit mining optimisations.
Pre-feasibility studies well advanced

Detailed pre-feasibility study activities are well advanced with a major focus on metallurgy and plant design.
The metallurgy test work is nearing completion and GR Engineering have commenced defining a suitable processing flow sheet, prior to design and costing.
Deeper drilling results expected this month

Additional deeper diamond drilling has been completed at both the largest Withnell and Wingina gold deposits, targeting higher grade underground resource definition and extensions.
Initial results of this drilling are expected to be reported during September.