Romano Tenements Fully Granted for Total Proceeds of $1.7M

Key points

• All Romano tenements granted for $1.7M
• Dundas earns 80% interest in Romano Project
• Cazaly retains 20% free carried interest

Full summary

Cazaly Resources Ltd. has confirmed that all five tenements of its Romano Gold Project in Western Australia have been granted, completing the acquisition by Dundas Minerals Ltd. The final grant finalizes the tenement acquisition component of the joint venture agreement, with a total consideration of $1.7M in cash and Dundas shares. Dundas can earn an 80% interest in the project by spending $2,000,000 on exploration within two years. Cazaly retains a 20% free carried interest up to the completion of a positive feasibility study. The project is located adjacent to Goldfields Ltd's Gruyere gold mine, with established access routes and potential for further exploration.

Guidance

Cazaly retains a 20% free carried interest in the Romano Project.

Outlook

Cazaly expects Dundas to fund exploration activities, with potential for significant mineral discoveries given the project's proximity to the Gruyere gold mine.