Nerco has the right to buy another 613,000 shares at the same price after Black Swan has completed the acquisition of Perth- based Polaris Pacific NL. The Polaris sale should be completed this August.
It’s widely known that Nerco spent a considerable amount of time and money completing its due diligence of Black Swan which has extensive land holdings in Western Australia and Queensland. The company has a 25% interest in the Gabanintha gold mine (operated by Dominion Mining) near Meekatharra, WA, which is expected to produce about 50,000 oz gold in the current fiscal year. In addition, it has a 50% interest in an area of influence roughly surrounding the mine.
In Queensland, Black Swan has a 60% interest in the Merriland gold project just two miles from the Mt. Leyshon gold mine run by Pan Australian Mining. Production is expected to increase there to 200,000 oz per annum in the future.
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