The Brookdale assets covering an area of 341.6ha across three blocks, located immediately above Bathurst’s Cascade mine and adjacent to the Escarpment block.
Bathurst Resources has acquired the assets for a total of $8m in cash, including $4m, which was paid earlier, and 15 million shares in the company.
Bathurst will also pay a life of mine royalty based on a fixed percentage of FOB revenue.
Bathurst Resources’ managing director Hamish Bohannan said that the firm will now focus on completing the current drilling campaign, defining an initial resource at Brookdale and finishing the technical studies with the aim of bringing the assets into development before the end of 2011.
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