Taking Penny's Find underground

ORMINEX and Horizon Gold have entered into a 50-50 joint venture to accelerate the process of taking the Penny’s Find gold mine in Western Australia’s Eastern Goldfields underground.

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A JV deal could accelerate the development of an underground operation at Penny's Find.

Under the deal Horizon is paying $1.5 million for the 50% stake and will sole fund the first $1 million in pre-development spend.

After that both partners will contribute equally.