LGL Enters Ballarat Sale Agreement
04 Marzo 2010 - 11:01PM
Marketwired
Lihir Gold Ltd (LGL) (TSX: LGG)(NASDAQ: LIHR)(ASX: LGL) has entered
into an agreement with Castlemaine Goldfields Limited for the sale
of the Ballarat project in Victoria.
LGL will receive A$4.5 million in cash plus an additional 2.5%
royalty interest(i) in future production, capped at A$50 million.
The sale is subject to certain conditions including Castlemaine
shareholders approving the issue of new equity to raise a minimum
of A$20 million.
Castlemaine has indicated it intends to take the Ballarat
operation forward as an exploration project, and will therefore
cease mining and processing for the immediate future.
In preparation for the transition to new ownership, the
operation will be wound down and placed on care and maintenance
from today. Redundancies will be offered to affected employees. LGL
will provide full entitlements and support services to employees
and their families, including outplacement assistance.
(i) Calculated on Net Smelter Return
ARBN 069 803 998
Contacts: Media: Lihir Gold Limited Josie Brophy Corporate
Communications Manager 07 3318 3317 or 0448 177 502 Investors:
Lihir Gold Limited Joel Forwood Manager Investor Relations 07 3318
3331 or 0438 576 879 Lihir Gold Limited Cheryl A. Martin North
American Investor Relations 303-386-4586 cmartin@martincorpcom.net
www.LGLGold.com
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