ASX-listed MOD Resources extends interest in Golden Bay gold permits

Thursday 27th September 2012

MOD Resources, the ASX-listed gold, copper and silver explorer, has gained an interest in a second permit in the South Island's Golden Bay region.

NZ Petroleum & Minerals has granted the Barrons Flat exploration permit to Sams Creek Gold, a New Zealand subsidiary of Perth-based MOD Resources, it said in a statement to the ASX today.

The permit area is directly adjacent to the 1.024 million ounce Sams Creek Gold Project, of which MOD this month acquired a 40 percent interest under its OceanaGold joint venture.

Under the JV, MOD will earn increases in its ownership of Sams Creek up to 80 percent. The 31.1 square kilometre Barrons Flat permit contains a 1 km extension of the Sams Creek dyke, MOD said.

The company currently has two drilling programmes underway - Sams Creek and the Botswana Copper Project, which lies within Africa's Kalahari Copper Belt.

Shares of MOD last traded at 5.2 cents on the ASX and have tumbled 64 percent this year.

NZ Petroleum & Minerals manages the government's oil, gas, minerals and coal resources, known as the Crown Mineral Estate.

BusinessDesk.co.nz

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