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Monday, September 19, 2011

Brighton Mining Group to acquire Cambodian gold mining assets

Brighton Mining Group (ASX: BTN) has completed negotiations for the acquisition of a major interest in gold mining assets held directly or indirectly by Brighton Mining Limited (BML), boosting its concession holdings in Cambodia.

These include the interest of BML in the Cambodian concessions held by Summer Gold Investments Pty Ltd at Ratanakari and at Mondulkiri, the latter of which adjoins the company’s concession comprising the Sun Hill Joint Venture at Antrong.

In addition the company will also secure other prospective areas presently being acquired by BML.

The acquisitions are strategically located around the company’s existing projects adjacent to the Okvau project of Oz Minerals (ASX: OZL) which has a JORC Inferred Resource of; 8.3 million tonnes at 2.3g/t gold containing 605,000 gold ounces.

The assets will give the Brighton Mining Group one of the largest single holdings in the highly mineralised and sought after region of the Mondulkiri province in Cambodia.

Upon necessary approvals, the company aims to explore the concessions so that they can be developed in conjunction with the works program planned for the Sun Hill Joint Venture area.

The Cambodian Government considers the mining and exploration industry to be one of the key industries that will help drive the country’s future economy. Unlike its neighbours of Laos and Vietnam, Cambodia is relatively infant in the development of its mineral assets.

Brighton Mining Group was admitted to the official list of the ASX and commenced trading in November 2010.

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