NQM and mining investment company Heemskirk look set to snap up...

NQM and mining investment company Heemskirk look set to snap up Newmont's Pajingo gold mine in QLD. NQM in trading halt today I'd say capital raising to fund the Pajingo purchase. The two companies have entered a HOA with Newmont to purchase the mine and its related assets, and have agreed to pay a $1 million non-refundable deposit.

Heemskirk will take 40% interest & NQM will own the remaining percentage and operate the mine. Panjingo has produced some 2.3 million ounces of gold since 1996 at a grade of just over 11 grams per tonne. NQM's other major project is the Baal Gammon copper-tin deposit in FNQ, which has a 3.107 million tonne resource grading 0.96% copper, 0.22% tin, 34.2 grams per tonne silver and 29.6gpt indium.

Could pay to keep an eye on this one....