ASX
ANNOUNCE ME NT
24 F EBR U AR Y 2 0 1 5
CO DE : AL Y
BOARD OF DIRECTORS
Mr Oscar Aamodt
Non-Executive Chairman
Ms Sofia Bianchi
Non-Executive Director
Mr Lindsay Dudfield
Non-Executive Director
Mr Anthony Ho
Non-Executive Director
ISSUED CAPITAL
SHARES 185,454,701
OPTIONS 3,975,000 (Unlisted)
PROJECTS
BRYAH BASIN (80-100%)
Suite 8, 8 Clive Street
WEST PERTH WA 6005
Phone: +61 8 9481 4400
Facsimile: +61 8 9481 4404
www.alchemyresources.com.au
Purchase of Reserve Payment from Troy
Alchemy Resources Limited (ASX: ALY) ("Alchemy") is pleased to announce that it has agreed to purchase the Reserve Payment over the Three Rivers gold project ("Three Rivers") held by Troy Resources Limited (ASX: TRY) ("Troy"). Three Rivers is a part of Alchemy's Bryah Basin Project, which contains gold resources at the Hermes and Wilgeena gold deposits and significant gold and base metal exploration upside.
In 2008 Alchemy and Troy entered into an Asset Sale Agreement whereby Alchemy acquired Troy's interest in Three Rivers for $2 million, with $1,310,000 paid at the time in cash and Alchemy shares, and the balance of $690,000 due when Alchemy makes an announcement that it has delineated gold reserves of not less than 50,000 ounces, or on the lodgement of a notice of intent to mine ("Reserve Payment").
Alchemy has agreed to purchase the Reserve Payment from Troy via the issue of
10 million fully paid ordinary Alchemy shares.
Troy retains a 1% Net Smelter Return Royalty on gold production from 50,000 ounces to 70,000 ounces from Three Rivers, and a $0.75 per tonne royalty on iron ore produced from the landholding.
The Board of Alchemy believe this to be an excellent outcome and increases the Company's flexibility to consider options to advance exploration and potential development of its gold prospective Bryah Basin landholding.
- ENDS -
Please direct enquiries to: Mr Oscar Aamodt (Chairman)
Dr Kevin Cassidy (Chief Executive Officer) Telephone: +61 8 9481 4400
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