Australia's junior explorers - The ASIA Miner

OZ Minerals has completed the sale of its
Cambodian gold assets to Renaissance Minerals
for the equivalent of Aus$17.8 million
in cash, shares and options along with possible
future payments of a further $22.5 million
on achievement of certain milestones.
The acquisition includes the Okvau deposit
which has a JORC-compliant indicated and
inferred resource of 729,000 ounces.
Okvau is at present the major asset in an
1100sqkm tenement package which forms
the core of a prospective new intrusive related
gold pr ovince in the easter n region of
Cambodia. There are a number of other prospects
within the package at which varying
amounts of exploration have taken place.
OZ Minerals recently established a resource
at Okvau of 12.6 million tonnes @ 1.8
grams/tonne gold. There are 7.8 million indicated
tonnes @ 2.03 grams/tonne for 508,000
ounces and 4.8 million inferred tonnes @ 1.44
grams/tonne for 221,000 ounces. Mineralization
at remains open at depth and along strike.
Cambodia remains largely unexplored and
has significant potential to host world-class
Renaissance buys Oz Minerals assets
gold deposits. Renaissance is excited about
the acquisition and believes it has potential to
be a company-maker. OZ Minerals is a cor -
nerstone investor and the largest shareholder
in Renaissance. OZ Minerals’ managing director
and CEO Terry Burgess says, “OZ Minerals
sought to develop and operate a mid-tier gold
Renaissance Minerals has secured the Cambodian gold assets of OZ Minerals.
Cambodia
mine in Cambodia and to this end took its
Cambodian interests from a grassroots project
to an identified gold r esource. However after
review, we have concluded this pr oject does
not fit within our strategy with regard to scale
in relation to the commodity and our overall
preference for mid-tier copper projects.
July/August 2012 | ASIA Miner | 35