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Conquest Mining Ltd (ASX:CQT) has come a step closer to 100 per cent ownership of the Pajingo gold mine in Queensland.

In its first quarter of fiscal 2011 the gold producer secured an $80 million takeover of North Queensland Metals Ltd (ASX:NQM), who own a 60 per cent stake in Pajingo.

The remaining 40 per cent of the mine belongs to Heemskirk Consolidated Ltd (ASX:HSK). On Friday Heemskirk's shareholders voted in favour of selling their stake in Pajingo to Conquest for $37 million.

Last week Conquest announced an improvement in its September quarter net operating cashflows, and described the period as a breakthrough quarter in which Conquest moved closer towards its goal of becoming a mid-tier gold producer.

Conquest Mining posted a net loss of $3.69 million in fiscal 2010.