Great Divide Mining (ASX:GDM) has completed its farm-in agreement with Adelong Gold (ASX: ADG) to acquire a 15% stake in the Challenger gold mine in New South Wales for AU$300,000, according to a Wednesday filing with the Australian bourse.
Under the deal, Great Divide Mining will take over as operator and focus on restarting the gold processing plant and will provide the necessary funding until the first gold is extracted and poured from the mine, after which the company's stake will increase to 51%, the filing said.
It aims to produce the first gold within 12 months, the filing added.
Shares of Great Divide Mining rose 4% in recent Wednesday trade.
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