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Legend Mining to Sell Mt Gibson Gold Project to Top Iron

By Joel ScanlonJan 11 2012

Legend Mining is in receipt of the first right of refusal from Extension Hill to purchase the Mt Gibson Gold Project in Western Australia. The company had first entered into the agreement to sell Mt Gibson in November 2011.

As per the agreement Legend Mining would sell Mt Gibson Gold project to Top Iron for a cash deal of Australian $7 million. One condition of the sale was that Legend mining would exhaust all relevant rights of first refusal and similar third party rights under the existing license agreement.

So Extension Hill’s exercise of its rights under the current agreement jeopardizes the sale of the Mt Gibson Project to Top iron. Should Extension Hill manage to complete the acquisition the point will be moot. Extension Hill is a subsidiary of Hong Kong-based Asia Iron Holdings. They already own a number of iron ore and coal development projects in the Mid West of Western Australia besides a magnetite pellet plant project in Nanjing, China.

Legend Mining wishes to sell Mt Gibson so that it can concentrate on its gold and iron ore exploration in the extensive 2,900 square kilometres land holding in the Republic of Cameroon. It is also currently exploring at the Ngovoyang project.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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Scanlon, Joel. (2019, March 19). Legend Mining to Sell Mt Gibson Gold Project to Top Iron. AZoMining. Retrieved on November 23, 2024 from https://www.azomining.com/News.aspx?newsID=5731.
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Scanlon, Joel. "Legend Mining to Sell Mt Gibson Gold Project to Top Iron". AZoMining. 23 November 2024. <https://www.azomining.com/News.aspx?newsID=5731>.
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