Mutiny Gold Ltd, an Australian copper and gold miner has said that it has completed the acquisition of the remaining 30% interest in the Gullewa Gold Project making it the 100% owner of the project.
The company had a conditional acquisition which was initiated October this year.
The conditions included completing a positive feasibility study, sole funding of all expenses, paying ATW Gold Corp Australia Pty Ltd $ 4 million and agreeing to pay them a 10% net profit interest royalty on minerals from the Gullewa Gold Project.
Mutiny Gold has completed all the conditions and finally acquired sole ownership of the project. The company is a diversified resources company which focuses on exploration and development of gold, copper and nickel projects in Western Australia.
Their current focus is on the Deflector gold and copper deposit that is located in the Gullewa Gold Project. The new drilling program has been begun in December 2011 and will continue in 2012. The objective is to upgrade the resource so that the project expansion can take place.
The Managing Director, John Greeve, said that the acquisition of the profit interest was an excellent outcome for Mutiny shareholders. This transaction simplifies the ownership structure of the Gullewa Gold Project and was a strong demonstration by Mutiny of the value of the Gullewa Gold Project and by Red Hill of Mutiny and the Company's portfolio of assets.