Sales price AUD 16 million (EUR 13 million) in cash
Heidelberg/Brisbane. Deutsche Rohstoff AG sold its Georgetown Gold Mine, located in North-Queensland, Australia, for AUD 16 million (EUR 13 million) in cash. The buyer is JKO Mining Pty Ltd, a company based in Hamilton Brisbane, Queensland, Australia. The purchase was effected through the acquisition of the shares of Deutsche Rohstoff Australia Pty Ltd (DRAU) who owns the Georgetown Gold Project. Completion of the transaction is subject to approval by the Australian “Foreign Investment Review Board (FIRB)”. The approval is expected to be granted within the next few days.
AUD 0.5 million (EUR 0.4 million) of the purchase price has already been paid in June and August in the form of an exclusivity premium. Another AUD 9.5 million (EUR 7.7 million) is immediately payable, the rest of AUD 6 million will be paid in four instalments over the next 12 months. That vendor loan bears interest at 7% and is secured by a mortgage over the tenements held by DRAU.
Titus Gebel, CEO of Deutsche Rohstoff AG, said: “We are very pleased that the sale of Georgetown Gold Mine is now signed. We wish the purchaser every success for the future. The area around Georgetown undoubtedly still has considerable potential for gold production. “
DRAU, as a previously 100% owned subsidiary of Deutsche Rohstoff AG, is the legal entity which holds the mining and exploration licenses, which are important for the Georgetown Gold Mine. The gold processing plant in Georgetown, Queensland, also belongs to the company. DRAU acquired the Georgetown Gold Project in 2009 and commenced the mining of gold bearing ores in late 2010. In the course of 2011, the company produced in excess of 13,000 ounces of gold and 9,000 ounces of silver. The purchaser is obliged to rename the company after the acquisition.
Heidelberg, 17 September 2012
Deutsche Rohstoff AG (Heidelberg, Germany), listed in the Entry Standard segment of Frankfurt Stock Exchange, is establishing a new primary producer. The company’s focus is placed on gold, oil & gas and so called high tech metals such as tin, tungsten, and rare earth metals. All projects are located in countries marked by political stability, the core area being Germany. The business concept is based on redeveloping deposits, which have been well explored in the past. For more information please visit www.rohstoff.de.
Dr. Thomas Gutschlag
Deutsche Rohstoff AG
Friedrich-Ebert-Anlage 24, 69117 Heidelberg
Tel. (06221) 87 100-0
Fax (06221) 87 100-22
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