Red Mountain Mining: Acquiring 100pc of Mt Maitland gold project
- Red Mountain Mining (RMX) has been granted an exploration licence by the WA Government, and will soon acquire the Mt Maitland gold project
- The binding term sheet will see the exploration company assume 100 per cent control of the project, located in the Murchinson Goldfield in WA
- Red Mountain believes it hosts a potentially significant gold mineralisation system
- Red Mountain will first spend $50,000 to conduct due diligence on the project, with the option to then pay $250,000 to acquire the whole site
- The due diligence will involve rock chip sampling and accumulating drill targets
- Red Mountain shares were placed in a trading halt today, but shares last traded at 0.6 cents each
