Option to Acquire Advanced High-Grade US Gold Project
Spectrum Rare Earths Ltd secures an exclusive and binding 3-month option to evaluate and explore with a right to acquire, the Washington Gold Mine (“Washington Project”) in northern California in the United States of America.
The proposed acquisition aims to position SPX strongly within the Californian gold fields with an advanced exploration / production asset that has historically produced over 250,000 ounces of Gold at an average grade of greater than 30g/t, building on the Company’s existing Western Australian exploration assets.
Executive Chairman, Alex Hewlett, commented:
“This proposed acquisition contemplates ownership of the regionally significant and highly prospective Washington Gold Mine.On successful completion of our due diligence we plan to fast track our exploration efforts in a project proven capable of producing gold at high grades. We have an exciting year ahead of us and look forward to updating the market in relation to our immediate activities on the ground.”