PRESS RELEASE: GDM Chairman Addresses Noosa Mining Conference

Great Divide Mining’s Chairman Paul Ryan took the opportunity to address the Noosa Mining Conference to announce GDM’s farm-in agreement with Adelong Gold (ASX:ADG)

“This is a great opportunity for both companies,” said Ryan, “and we’d like to thank the Board and management of Adelong Gold Limited for their vision and collaborative commercial attitude.”

“This binding agreement sees GDM fast-track its development from pure gold explorer to explorer and producer,” he said.

“I’m extremely proud of the GDM Team. This has all been achieved in under 90-days of GDM’s first birthday, having listed on the ASX in August of 2023.”

GDM has been appointed as Joint Venture Manager and is already active onsite having commenced work towards recommissioning of the processing plant and its associated equipment.

The company’s initial holding of 15% of Challenger Gold Mines Pty Ltd will extend to 51% ownership upon first gold pour from the recommissioned plant. This is scheduled to occur in the first half of calendar 2025.

“The Adelong mine site is located in the heart of a prolific gold producing region having historically produced over 800,000 Oz of gold,” said Ryan, “but we’ll still be conducting our own due diligence.”

“We’re also keen to further explore the site, as the tenements have been historically under explored,” he said, “so we will acquire Mining License 1435 and Exploration Licence 5728 for an additional 68km2 of permitted exploration and 1.5 km2 of mining permitted.”

“As this is a transformative step for GDM, we will shortly be seeking Shareholder Approval for the transaction”.

“And this opportunity is consistent with our core GDM strategy of focussing on brown-field and existing mine sites,” said Paul, “every site that we recommission is another piece of the environment we’ve protected.”