News: Norton Gold Fields reaches 85% stake in Bullabulling Gold

Norton Gold Fields (ASX:NGF) now holds 85% of Bullabulling Gold (ASX:BAB, LON:BGL), as the takeover nears completion.

Norton Gold is acquiring Bullabulling in an off-market takeover. Bullabulling’s board recommended the 8c per share offer once acceptances passed 40%.

The company is 82.4% owned by Chinese miner Zijin.

In addition to the Bullabulling takeover, and in line with Norton Gold’s goal to double production in the mid term, a term sheet was recently signed with Excelsior Gold (ASX:EXG) providing a long-term milling allocation at the Paddington Mill.

Norton Gold has poured over one million ounces since acquiring the Paddington Operations in 2007.