STAWELL - Navarre Minerals has announced the company and leading Victorian gold producer Crocodile Gold Corporation have signed formal documentation to finalise ongoing ownership of the Tandarra gold prospect.
The Tandarra gold prospect is part of the Bendigo North Gold Project, located 40 kilometres north of Bendigo.
Navarre announced on September 5 last year that it had agreed to convert Crocodile's right to earn a majority interest in Tandarra into a two per cent net smelter royalty over future gold production at Tandarra.
The agreement also gives Navarre the right to buy back one per cent of the net smelter royalty for $2 million within four years, which would reduce the net smelter royalty to one per cent.
Navarre Managing Director Geoff McDermott said they are absolutely thrilled to own 100 per cent of Tandarra outright.
"It is one of the most exciting projects I have been involved with since the discovery of the Golden Gift at Stawell several years back," he said.
"Together with our Kingston gold project, we now have 100% ownership of two of the best gold plays in Victoria.
"This gives Navarre a much wider range of options in financing the ongoing exploration effort by Wess and the team.
"The agreement is a major step forward as it secures Navarre's tenure of one of Victoria's most outstanding greenfields gold exploration projects.
"The project continues to move ahead under Navarre management and we welcome Crocodile being able to share in the upside of Tandarra should a commercial mining operation begin in the future."