End of Farm-In Agreement at Greatland Gold’s Firetower Project
In October 2011 Unity Mining Ltd (‘Unity’) entered into a Farm-In agreement with Greatland Gold at Greatland Gold’s Firetower Project in northern Tasmania, Australia. Under the agreement Unity could earn up to 75% of the licences by incurring a specified level of exploration expenditure over a five year period.
Since 2011, Unity has carried out significant field operations including airborne and ground geophysical surveys and diamond drilling. Results were encouraging and further work had been planned. However, Unity has recently advised Greatland that it had not met the Farm-In expenditure commitments within the agreed timeframes despite expenditure of approximately A$1.84 million. Greatland has therefore provided Unity with formal termination of the agreement.
Greatland confirms that it retains 100% of the licences and will resume management of the project backdated to 1st July 2015. Any unresolved environmental obligations as a result of work carried out by Unity are the responsibility of Unity and will be notified to Unity on advice from Mineral Resources Tasmania.
Callum Baxter, CEO, commented: “Greatland retains 100% of the Firetower licences which offer exciting opportunities for gold and base metals and we have the benefit of Unity’s expenditure over recent years. Unity’s work was carried out to a high technical standard and we wish them all the best in their future endeavours.”