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Silver Lake Resources, Integra Mining lodge merger approval with ASIC  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 24/12/2012

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(MENAFN - ProactiveInvestors - Australia) Silver Lake Resources (ASX: SLR) and Integra Mining (ASX: IGR) have today lodged the Australian Federal Court approval of the scheme of arrangement between the two companies with the Australian Securities & Investments Commission.

Last Friday, Silver Lake and Integra cleared the last hurdle to the completion of a merger between the two companies, gaining Australian Federal Court approval for the scheme of arrangement.

The merger will create one of the largest all Australian gold producers, with a 6.6 million ounce Resource base and forecast production of over 400,000 ounces per annum in 2014.

The expanded Silver Lake will also have Reserves of 1.8 million ounces, mill capacity of 3.4 million tonnes per annum in the 2013 financial year and a landholding of 5,000 square kilometres.

The scheme of arrangement will provide the ability to unlock significant operational synergies between the adjacent Mount Monger and Randalls gold projects in the Eastern Goldfields of Western Australia.

The focus for 2013 will be the completion of the merger and the seamless transition of the multiple operations at Mount Monger into one.

Silver Lake plans to optimise production from the merged Mount Monger assets to generate maximum cash flow.

The scheme is now legally effective, with implementation to occur by Friday 11 January 2013.

 






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