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Friday, 27th February 2009 (1432 views)

A gold company will be able to undertake a new investment following a change to the terms of an earn in agreement with one of its partners.

The alteration sees Austral Gold Argentina being permitted to spend $50,000 (£35,000) to acquire shares in Aquiline Resources, Mineweb reports.

Previously, the agreement between Austral and Argentina Minera S.A. precluded the use of Austral Gold contributions for investments outside the Aminsa project in Argentina's San Juan region.

Under the revised terms, up to $700,000 can be set aside for such purposes, while the earnt in quantum of investment - and the percentage - remains unchanged.

Another element of the agreement has set out the dates on which some future contributions will be paid.

Other current projects with which Austral is involved include the Guanaco mine in Chile - where an application to restart mining operations has been pending - and the Bullabulling project in Western Australia, where mining consultancy Optiro has been carrying out a resource evaluation.

 

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