Wednesday 26 February 2020

26 February 2020 - Australia-based base and precious metals producer NQ Minerals Plc (NEX: NQMI) (OTCQB: NQMLF), has agreed to acquire 100% interest in 593-hectare Beaconsfield Gold Mine in Tasmania for AUD 2m (USD 1.3m), the company said.

The total consideration for the acquisition will be paid with an initial non-refundable payment of AUD 100,000 (USD 66m) on the date of signing; a refundable deposit of AUD 100,000 (USD 66m) payable on exchange AUD 800,000 (USD 528m) payable on settlement, and the balance of the AUD 1m (USD 660,000) purchase price to be paid by NQ by 31 December 2020 with interest accruing at 10% per annum from 1 July 2020.
 
These assets to be purchased include the 350,000 tons per annum processing plant, tailings dams, associated infrastructure, property rights, mining leases, and related mining permits.

The opportunity to bring Beaconsfield back into operation reinforces and builds on NQ's existing activities, commitment to, and strategy in Tasmania. NQ will work with its consultants and relevant government Departments in Tasmania to assess and ascertain what is required to re-open Beaconsfield as soon as possible.
 
NQ Minerals is an Australian-based mining company which commenced base metal and precious metal production in 2018 at its 100% owned flagship Hellyer Gold Mine in Tasmania.