Comments from MD Graham McGarry regarding announcement:
Fellow Shareholder and Interested Parties,
We have attached an ASX announcement made this morning in respect of the Lady Ida tenements.
On 8 June 2023 Ora Banda Mining shareholders voted in favour of resolutions which subject to conditions precedent permitted the sale of -
Acquisition A
- 4 Exploration tenements to Beacon adjacent to the Lady Ida project
This transaction is now complete with the total payment of $2,500,000.
The ground is very prospective for gold and has only been lightly explored over the past 25 years with walk up drill targets defined by shallow drilling.
A program of drilling on these tenements commencing in the December quarter is being planned.
Acquisition B
A tenement sale agreement has been executed with Geoda Pty Ltd and Lamerton Pty Ltd for the acquisition of 3 mining leases, 4 miscellaneous licenses and 2 applications for miscellaneous licenses which are subject to conditions precedent including in particular, Ministerial consent.
The mining leases have been subject to action in the Wardens court for non-compliance with tenement expenditure conditions, initiated by Thompson/McGarry/Greenhill in May 2012, with favourable Wardens decisions received in 2014, 2018 and 2022 but appealed to the Supreme Court of WA by Ora Banda. The matter is now commercially settled but awaits Ministerial consent.
Resources on these tenements were quoted by Ora Banda in August 2022 to be of the order of 318,000ozs.
The consideration payable is outlined on pages 2 and 3.
The matter is proceeding through the Court and Mines department processes and is expected to be resolved by July 31st 2023. A shareholders meeting, currently scheduled for August 2023 is necessary to approve the transaction.
The total land package with proven resources and attractive advanced exploration potential, located some 40 kms north of Jaurdi with developed and approved road systems is an attractive asset for Beacon.
(20min delay)