Maximus Resources has announced it will sell its Burbanks Gold treatment plant, in WA’s Coolgardie region, to Adaman Resources for $5.8 million.
The deal states Maximus will secure a minimum of two years milling capacity of 5,000 tonnes per month from January 2020, with the option to extend. This agreement ensures Maximus’ ability to continue the development of the Burbanks Gold projects. This agreement will see Maximus receiving a $2 million payment prior and following the completion of the due diligence process. A Gold-in-Circuit (GIC) calculation will be completed at the end of the due diligence period, with the value of the GIC to be paid to Maximus.The company’s recent quarterly report update stated that the value of this was about $1.8 million with gold continuing to be removed from the circuit.
Shareholders will be updated during this transaction’s process.Click here to view the full announcement.