Silver Lake Resources has signed an agreement with Phillips River Mining to acquire the latter’s assets for about $20m.

Under the terms of the deal, Silver Lake will buy Phillips River’s Kundip gold project and other mining tenements and assets unrelated to the Trilogy project in Western Australia.

Silver Lake will issue Phillips River with over 2.9 million fully paid ordinary shares in the capital of Silver Lake for the Kundip project.

The company will also acquire Phillips River’s Trilogy polymetallic project in exchange for nearly 2.3 million shares.

In January 2012, Silver Lake Resources and Phillips River Mining announced the terms of the proposed assets purchase agreement, which was terminated in the second week of this month.