Exco Resources Limited (ASX:EXS,
"Exco") and its joint venture partner
Polymetals Mining Limited (ASX:PLY,
"Polymetals") have agreed to proceed
with the development of the Vertigo gold project in the Drew
Hill area of South Australia under revised joint venture
conditions.
The Drew Hill projects are located in South Australia
approximately 80km west of Broken Hill.
Exco is currently a 75% partner in both the White Dam
Gold Production Joint Venture and the Drew Hill Exploration
Joint Venture with Polymetals owning 25% and operating both
joint ventures
Under arrangements negotiated for proceeding with the
Vertigo project,
• production from the currently producing Hannaford Pit
will continue to be split 25:75;
• Polymetals will increase its interest in the
exploration joint ventures to 50% in return for a commitment
by Polymetals to spend $1.3m on exploration on the Drew Hill
tenements prior to 30 June 2012;
• production from Vertigo and any other deposits
developed will be split 50:50; and,
• Polymetals will increase its interest in White Dam
infrastructure, including plant and camp facilities, from 25
per cent to 50 per cent for a cash consideration based on an
agreed independent valuation and a commitment to take on an
extra 25% of the future closure costs.
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