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SXG holds approximately 1,700 km2 of tenements within the highly prospective Marda-Diemals Greenstone Belt in the Southern Cross district of Western Australia (Figure 1).
In May 2012, SXG completed an externally-prepared Feasibility Study on the development of a new greenfields gold operation at its Marda Gold Project, located 200km north of Southern Cross in Western Australia.
SXG announced that it reached agreement to acquire Sandstone for consideration comprising $5 million cash ($2.5 million of which will replace existing environmental bonds), a 2% net smelter royalty and 43.665 million unlisted SXG options exercisable at $0.10 per share.
The transaction will increase SXG's combined JORC resource base to 1.3 million ounces.
All SXG Dual GigE Cameras are available with Power over Ethernet (PoE) technology, eliminating a separate power cable.
In August 2011, SXG announced that it had reached agreement with Renaissance Minerals Limited (ASX:RNS) ("Renaissance") to enter into a farm-in agreement at the historic, high-grade Radio Gold Mine in the Southern Cross region of Western Australia.
As part of SXG's focus on capital discipline a decision has been made not to complete the first earn-in (which would have required an additional $1.25M of expenditure by May 2014).
a) The feasibility study update was based on a review of the study undertaken in 2012 which was documented in the announcement entitled "SXG set to open up new WA gold province with Marda Gold Development" released on 10th May 2012 ("May 2012 Announcement").
SXG's substantial and prospective landholding in the Marda region strengthens the Project's value proposition with respect to increasing project life and scale.
Perth, Australia, Aug 17, 2012 - (ABN Newswire) - Southern Cross Goldfields Limited (ASX: SXG) is pleased to provide an update on funding discussions for its 100%-owned Marda Gold Project, located 450km north-east of Perth in Western Australia, following recent significant enhancements to the Project.
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