NQ Minerals to acquire Keen Pacific

NQ Minerals has announced that the Company has entered into an agreement to acquire Keen Pacific, along with its wholly-owned subsidiaries Ivy Resources Pty and Hellyer Gold Mines Pty.

The Company added:

"The acquisition would see NQ Minerals wholly own the prospective Hellyer Gold Mine in Tasmania, Australia and is in line with the Company's strategy of becoming a near-term revenue generating gold and base metal production company."

NQ Minerals Chairman Brian Stockbridge said:

"The Hellyer Gold Mine will be a flagship project for NQ Minerals and is expected to see us transform into a near-term producer within a 12 month time-frame. First work will involve the refurbishment of the existing operating facilities in order to extract and treat the large high-grade tailings deposit on site and produce three marketable concentrates (lead, zinc, gold/silver/pyrite). The project is expected to be producing within a short time period and offers the potential for attractive returns with a quick payback of capital. The Board believes Hellyer is a world-class, company-maker project that blends well with our North Queensland assets and our long term goal to become a significant gold and base metal producer in Australia."