Prometheus Developments Pte. Ltd., the Singapore-based company that holds rights to a high-grade gold project at the Diwalwal Mineral Reservation, sold its shares amounting to 5.5 million to an Australian gold producer.
The said Australian gold producer named Tribune Resources Ltd. reported its acquisition of the 100 percent issued capital of Prometheus.
The transaction between the two companies was valued at $ 24.75 million or equivalent to $ 4.50 issue price per share.
Prometheus can get a total of 80 percent economic interest in three mining tenements covering the Diwalwal Gold Project. This is near the currently productive Co-O gold in Mindanao, 40 kilometers south.
In a statement by Tribune director Gordon Sklenka, it was revealed that the Diwalwal mines fit all the standards the company is looking for in their efforts to add value for their shareholders.
Diwalwal’s secured tenure, excellent grades, prospective geology, and potential for the delineation of a very large gold deposit were big factors on why Tribune got interested in the project which resulted to the deal with Prometheus.
Sklenka also added that Tribune is already planning to start drilling and defining a regulatory complaint mineral resource in the first half of 2019.
The acquisition deal between the two foreign companies took place even as regulatory reviews continue to obstruct the activities of many local mining players.
