• De Grey Mining Limited (“De Grey” or the “Company”) has signed an exclusive Option Agreement (“Option”) with Kalamazoo Resources (“KZR” or “Kalamazoo”) to acquire KZR’s Ashburton Gold Project (“Ashburton”).• Upfront $3M Option fee payable to KZR within five business days of Option execution.• Ashburton consists of granted mining leases (“MLs”) and exploration licences (“ELs”), including KZR’s existing 1.44 million ounce gold Resource1. The exploration package covers 217km2, is located 35km from Paraburdoo and 290km south of the Company’s Hemi Gold Project (“Hemi”), with main roads connecting the two projects.• The Option period is 12 to 18 months (at De Grey’s election) with De Grey to commit $1 million minimum expenditure for exploration, testwork and studies as part of its due diligence (“DD”) program on Ashburton. De Grey has established business development and studies teams separate to the Hemi Project development team to conduct DD on Ashburton.• Exercise of the Option, at De Grey’s election following or during the Option period, would result in payment of $15 million and an additional $15 million within 18 months of exercise. Payments can be made in cash or De Grey shares, at De Grey’s election.
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