De Grey Mining Granted Exclusive Option to Acquire Kalamazoos Ashburton Gold Project

Kalamazoo Resources Limited (ASX: KZR) has entered into an Option Agreement with De Grey Mining Limited (ASX: DEG), allowing De Grey exclusive rights to acquire the Ashburton Gold Project (AGP). The agreement involves an initial AU$3 million cash Option Fee, granting De Grey a 12-month exclusive period for development studies at AGP. During this time, De Grey plans extensive exploration and assessments, spending a minimum of AU$1 million.

The Option allows De Grey to purchase AGP for AU$30 million in cash and/or shares, with Kalamazoo set to receive a total of AU$33 million. Kalamazoo's Executive Chairman, Luke Reinehr, expressed satisfaction with the agreement, highlighting its potential benefits for both companies. The funds received will empower Kalamazoo to intensify exploration efforts and explore new projects or provide returns to shareholders.

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