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Kingwest Resources completes acquisition of Menzies Gold Project

Proactive Investors Wednesday, 18 September 2019
Kingwest Resources Ltd (ASX:KWR) has completed the acquisition of a 100% interest in the Menzies Gold Project in Western Australia from Horizon Minerals Ltd (ASX:HRZ). Total consideration for the sale, which includes the Goongarrie project, is $8 million. Menzies, which is one of WA’s major historical goldfields, is 130 kilometres north of the globally significant gold deposits of Kalgoorlie and includes multiple high-grade deposits. Past high-grade production and current resources confirm the large scale of the Menzies region. 171,310-ounce resource The total resource estimate at Menzies is 2.42 million tonnes grading 2.2 g/t gold for 171,310 ounces, including indicated and inferred resources, from the Yunndaga, Pericles, Bellenger and Warrior deposits. Kingwest believes the Menzies project is a chance to enter the market as a producer while shelling out minimal capital expenditure. Drill testing planned Following settlement of the acquisition, Kingwest is ready to begin initial drill testing of the highest priority targets. A field team is on-site preparing for this work, which is scheduled within the next few weeks. The initial program is for a 26-hole diamond core drill program of about 6,500 metres to test high-grade extensions at Yunndaga, Lady Shenton, Pericles, Selkirk and Lady Irene. Board changes As part of the acquisition process, Kingwest has confirmed the appointment of Ed Turner as chief executive officer. Turner has significant experience as a CEO of ASX-listed companies, most recently as the founding CEO and later GM geology and exploration manager of Galena Mining Ltd (ASX:G1A). Adrian Byass, founding chairman of Galena, has also been appointed as chairman of Kingwest and Jon Price, managing director of project vendor Horizon Minerals, has joined the board as non-executive director. In addition, Peter Bennetto has resigned as chairman and director of the company and Stephen Woodham has stepped down as CEO but remains a non-executive director. The company thanks them their valuable contributions as chairman and CEO, during which time the company successfully listed on the ASX and undertook a significant exploration project on the Roman King tenements. Placement tranche-2 completed Kingwest has also completed tranche-2 of a $4 million placement to professional and sophisticated investors through the issue of shares at 15 cents per share to raise $2.5 million, before costs. The funds raised were used in part to pay the remaining cash purchase consideration to Horizon for stage-I and the balance will be used to fund the proposed exploration activities at the Menzies project.
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