Vango Works to Fast-track Plutonic Dome Gold Project

Despite a legal dispute with Canadian miner Superior Gold, Vango is working to fast-track its Plutonic Dome gold project by signing an MoU for the equipment to service the advancement.

Vango Mining (ASX:VAN) continues to advance its Plutonic Dome gold project through its ongoing drill program at three sites. The company has also signed a memorandum of understanding (MoU) with China ZhengHe Industrials to supply it with pertinent equipment, the miner said on Tuesday (November 13).

In addition to the MoU, the miner told shareholders that it has a number of drilling rigs on site which are currently targeting the Cinnamon, Trident and Trident West deposits.

“This program is scheduled to continue operations through this current quarter with results being released when they become available,” Vango stated in a press release.

“In addition to the ground field works, Vango Mining has advanced with Como Engineering the design, engineering and feasibility study works for the construction and operation of a stand‐alone company owned and operated gold processing plant as previously announced,” the miner added.

In regards to the MoU, Bruce McInnes, executive chairperson, noted that a formal cooperation agreement will likely be signed during the first quarter of 2019.

The announcement of the MoU comes on the heels of Superior Gold’s (TSXV:SGI) subsidiary Billabong Gold commencing legal proceedings against Vango.

The company claims that it holds rights of first refusal under a 2014 ore treatment agreement over tenements within Vango’s Plutonic Dome project, and that these rights were breached during Vango’s and its wholly-owned subsidiary Dampier’s transactions in 2016 and 2017.

“It is disappointing that our efforts to resolve this dispute without litigation have been unsuccessful,” stated Chris Bradbrook, president and CEO of Superior Gold.

“Notwithstanding our claims, the infrastructure at our Plutonic Gold mine, which currently has excess mill capacity, potentially offers Vango’s shareholders the opportunity to develop any financially viable mine on the tenements in the most expedient and cost effective manner,” he added.

Vango responded to the claims, telling shareholders that Billabong’s accusations were speculative and without merit, noting that the ore treatment agreement had been terminated more than 12 months ago.

As of 4:01 p.m. EST, Vango was up 2.94 percent, trading at AU$0.175

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.

Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi

Rio Tinto has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan (the “Funding Plan”) for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion 1 , building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020.

Under the HoA, subject to securing approval by OT LLC and any required support from the Government of Mongolia, and subject to timing, availability, and terms and conditions being acceptable to both parties, Rio Tinto and TRQ will:

Keep reading... Show less

Rio Tinto Exploration and Calibre Mining Initiate 2021 Exploration Program Including 5,500 Metre Drilling Campaign Prioritizing Prospective Near-Surface Copper and Copper-Gold Mineralization

Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to provide an update on the Borosi exploration project held under an earn-in option agreement between Rio Tinto Exploration (LSE:RIO) (“RTX”) (“Rio Tinto”) and Calibre. Calibre controls a 100% interest in the Borosi concessions located in the prolific Mining Triangle region of northeastern Nicaragua. RTX has the right to earn a 75% interest by spending US$45 million over eleven years in the project ( see Calibre news release dated February 24, 2020 ). The Borosi exploration program is being directed by RTX through a partnership agreement with Calibre as project operator.


Keep reading... Show less

FDA Approves Trodelvy®, the First Treatment for Metastatic Triple-Negative Breast Cancer Shown to Improve Progression-Free Survival and Overall Survival

Trodelvy Significantly Reduced the Risk of Death by 49% Compared with Single-Agent Chemotherapy in the Phase 3 ASCENT Study –

– Trodelvy is Under Regulatory Review in the EU and in the United Kingdom, Canada, Switzerland and Australia as Part of Project Orbis

Keep reading... Show less

Rio Tinto details $47 billion 2020 economic contribution, including $8.4 billion of taxes and royalties

Rio Tinto today released its 2020 Taxes paid: Our economic contribution report , which shows the company made a total direct economic contribution of $47 billion in the countries and communities where it operates, including $8.4 billion of taxes and royalties.

Despite the widespread challenges of COVID-19 in 2020, the contribution was up from the previous year, when Rio Tinto made a total direct economic contribution of $45.1 billion in the countries and communities where it operates, including $7.6 billion of taxes and royalties.

Keep reading... Show less

Top News

Related News