Bass Metals, der wirtschaftliche Produzent

Bass Metals revived by sale of Hellyer to LionGold Corporation
Friday, July 06, 2012


Bass Metals (ASX: BSM) has gained a new lease of life with the sale of its subsidiary Hellyer Mill Operations to Singapore’s LionGold Corporation.

The Company will sell Hellyer for $13.5 million in cash payable at closing and in 30 day's time.  LionGold will take a placement in Bass Metals of 58 million shares at $0.01 each worth $580,000.

Following the sale, the company’s forecast free cash position will be around $6 million, along with an additional $2 million which will be held in a retention account in favour of LionGold and will revert to Bass Metals after 12 months.

The sale will enhance Bass Metals’ balance sheet, providing the company with a cash injection of $A13.5 million and leaving it with no debt.

LionGold Corp is an SGX-listed investment holding company focusing on gold mining, mine development and exploration.

Hellyer Mill Operations owns the Hellyer tails gold Resource, processing plant, Hellyer Mine licence and has a sublicence agreement with Bass Metals over the Mt Charter Gold Resource.

The Hellyer tails gold Resource is 9.5 million tonnes at 2.6 grams per tonne (g/t) gold, 104g/t silver, 2.5% zinc, 3% lead and 0.2% copper, of which nearly 5 million tonnes is in the high confidence Measured category.

Bass Metals will retain exploration rights over the Hellyer Mine lease, with a focus on base metals, through a sublease agreement.

The Hellyer plant is expected to remain onsite and Bass Metals may use it subject to availability, though LionGold may redeploy certain components.

@chatter

danke aber habs schon vorher rausgefunden, die zweite mine liegt in tasmania...

@Tolksvar

die HP ist grade down wegen wartungsarbeiten

und so wie ich grade gelesen habe, haben sie die mine noch gar nicht verkauft weil das nämlich mitte august von den aktionären abgesegnet werden muss.

 

http://www.miningweekly.com/article/...ss-metals-debt-free-2012-07-06

Deal with Singapore’s LionGold leaves Bass Metals debt free
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By: Esmarie Swanepoel
6th July 2012
Updated 7 hours ago
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PERTH (miningweekly.com) - Embattled metals miner Bass Metals on Friday announced an asset sale agreement with Singapore-based investment firm LionGold that would leave the company debt free.

In exchange for A$13.5-million in cash, Bass Metals would divest of its Hellyer operation, but would retain exploration rights over the mine lease through a sublease agreement. The company would also retain use of the Hellyer plant, subject to availability.

LionGold would also take a 58-million share placement, at 1c a share, to raise a further A$580 000, giving the Asian investment firm a 16.5% stake in ASX-listed Bass.

Bass MD Mike Rosenstreich said that the transaction with LionGold would revive the company’s financial position, give it the opportunity to forge close ties with an emerging international resource group, and allow Bass to retain access to a processing facility and share the Hellyer site maintenance costs.