Northern Star Resources Ltd Confirmed sale of Plutonic gold mine

Confirmed sale of Plutonic gold mine: Northern Star Resources Ltd (ASX: NST) is acquiring an initial 20% interest in the Acra Gold Project by paying Pioneer $500,000 cash and has the right to earn a further 55% interest (total 75% interest) in the project by sole funding $3 million of exploration expenditure within 3 years. Moreover, NST has confirmed finishing the sale of its Plutonic gold operations to Billabong Gold Pty Ltd while declared a special fully franked dividend of $0.03 per share. NST’s September quarter updates revealed free cash flow of A$24m post investments of about A$28m and the company has no bank debt. The gold production for the quarter was 110,000 oz from continuing operations.

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