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BRIEF-Resolute Mining Sells Ravenswood Gold Mine For Up To A$300 Mln

Published 15/01/2020, 11:20 am
© Reuters.  BRIEF-Resolute Mining Sells Ravenswood Gold Mine For Up To A$300 Mln
RSG
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Jan 15 (Reuters) - Resolute Mining Ltd RSG.AX :

* SELLS RAVENSWOOD GOLD MINE FOR TOTAL PROCEEDS OF UP TO A$300 MILLION

* CONSORTIUM COMPRISING EMR CAPITAL AND GOLDEN ENERGY AND RESOURCES COMMITS TO PROGRESS RAVENSWOOD EXPANSION PROJECT

* EMR CAPITAL AND GEAR COMMITTED TO PROGRESSING RAVENSWOOD EXPANSION PROJECT

* NO IMMEDIATE CHANGES TO RAVENSWOOD GOLD MINE EMPLOYMENT OR CONTRACT RELATIONSHIPS; CURRENT MINE AND DEVELOPMENT PLANS TO CONTINUE

* WILL RECORD A GAIN ON SALE OF RAVENSWOOD IN CO'S ACCOUNTS FOR 12 MONTHS TO 31 DEC 2020

* CASH RECEIVED FROM TRANSACTION WILL BE USED TO REDUCE DEBT

* INTENDS TO REVISE ITS CURRENT YEAR PRODUCTION AND COST GUIDANCE BASED ON RAVENSWOOD GOLD PRODUCTION ATTRIBUTABLE TO RESOLUTE FOR FY20 AS AT FINANCIAL CLOSE

* SELLS RAVENSWOOD GOLD MINE FOR TOTAL PROCEEDS OF UP TO A$300 MILLION

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