matsa.com.au/ (Latest News) Matsa is pleased to advise that it has entered into an agreement to acquire the Lake Carey gold project. The project package includes the Lake Carey, Phantom Well and Wilga projects which contains the Fortitude gold deposit. (...) It is Matsas intention to develop and mine the Fortitude deposit utilising a local third party processing facility as quickly as possible in order to take advantage of the current high gold prices. All studies and development capital can be funded from existing cash and liquid reserves. Preliminary discussions have already commenced and indicative offers received with nearby processing facilities. The Lake Carey gold project area consists of 12 tenements and covers an area of 102km2. There are existing Mineral Resources (JORC2004) located at Fortitude totalling 6.289Mt @ 1.9g/t for 385,300oz (...) Matsa will acquire the Lake Carey project (consisting of the Lake Carey, Phantom Well and Wilga Gold projects), including all exploration and mining data, for a total consideration of $1,750,000 (ex GST) cash representing a modest $4.54 per ounce of gold consisting of: - $250,000 on signing of agreement (paid), refundable if any tenements are forfeited. - $1,500,000 upon settlement of the transaction, transfer of tenements. The offer has general conditions applicable to a transaction of this nature. Matsa will easily fund the acquisition from its existing cash holdings. Settlement is expected this quarter. Executive Chairman, Mr Paul Poli said the success in acquiring the Lake Carey gold project is a coup for Matsa at a very attractive price. This project offers an excellent opportunity to transform our company into a producer in the near term. It is feasible that we can be producing 40,000 ounces of gold per annum by early next year. It is extremely pleasing to me that Matsa has acquired this project using existing funds in a very strong gold environment without dilution to shareholders. Mr. Poli added Lake Carey will not distract Matsa from its commitment to existing quality exploration projects where we anticipate exciting discoveries both in Australia and Thailand.
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