I would have thought if a deal like this was ever to happen it would have made sense to exchange PGD's iron ore prospect for a couple of FMG's tenements bordering PGD. However, thinking about this deal, I think it could be even better. PGD obtain 100% rights to 7 tenements for a reasonable upfront payment of $100k. This also includes two key tenements E52/3097 & E52/3396 adjacent to PGD's Tin Can, Birds Nest & Peninsula projects. Importantly this also provides much more ground of the Sylvania Inlier Contact which the very encouraging recent Tin Can prospect assays were reported on. Also PGD have been able to retain the iron ore project which adds another level of diversification and could add more value down the track if it was farmed out.
PGD Price at posting:
25.0¢ Sentiment: Buy Disclosure: Held
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