Argent Minerals moves to 100% ownership of Kempfield Silver Project in New South Wales

Argent Minerals (ASX: ARD) has completed the final transaction with Golden Cross Resources (ASX: GCR), completing the last tranche of the Kempfield Project Sale Agreement.

Argent now has a 100% interest in the Kempfield Silver Project.

As announced by both companies on 19 April 2011, the following was received by Golden Cross at settlement;

• $1.0 million in cash; and
• $1.0 million in fully paid Argent shares, issued at the VWAP over the 5 days prior to signing the Sale Agreement.

Argent has issued a further 4,280,309 shares to Golden Cross at approximately $0.234 per share.

Golden Cross now holds a total of 5,280,309 shares in Argent, representing 4.3% of Argent’s issued capital.

Golden Cross congratulates Argent on its progress at Kempfield and looks forward to this substantial silver-lead-zinc deposit soon joining the ranks of metal producers in New South Wales.


The Kempfield project

The Kempfield project is currently the subject of a Definitive Feasibility Study to produce silver, gold, lead and zinc, at a throughput rate of 1.5 mtpa for 11 years.

The Definitive Feasibility Study is scheduled to be finalised by December 2011 at an estimated cost of $2.5 million.

Subject to the outcome of that study first silver production is scheduled for mid 2013.

Resources at Kempfield include 20.6 million tonnes for 31.6 million silver ounces, 65,000 gold ounce, (equivalent to 780,000 ounces of gold at silver/gold ratio of 44:1), plus 261,000 tonnes of lead and zinc.

Around 69% of the resource is in the Measured or Indicated categories.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/19503/argent-minerals-moves-to-100-ownership-of-kempfield-silver-project-in-new-south-wales-19503.html