Congratulations to Genesis Minerals Limited (ASX: GMD) on acquiring the Bruno-Lewis and Raeside gold projects from KIN Mining NL (ASX: KIN).

Genesis has entered into a binding Asset Sale Agreement to acquire the Bruno-Lewis and Raeside gold projects located in the Leonora District from KIN. These projects offer scale, shallow mineralisation, low strip ratios and significant quantities of oxide ore that will enable high milling productivity. Bruno-Lewis and Raeside contain 408koz and 202koz of gold respectively. As consideration, Genesis will pay A$53.5m, satisfied by A$15.0m in cash plus the issue of 21.9m Genesis shares.

Managing Director Raleigh Finlayson commented: “With more than 12Mt of open pit Resources, Bruno-Lewis has the potential to supplement the eventual, sustainable restart of our currently idled Laverton mill. Raeside offers supplementary high grade open pit ore to our Leonora mill just 10km away. We look forward to reporting maiden Reserves for these new, value-add deposits and bolting them into our five-year outlook, to be unveiled in the new year.”

Sternship Advisers is pleased to have acted as financial adviser to Genesis. Gilbert + Tobin acted as legal adviser to Genesis.