Vancouver’s Pacton Gold Terminates Australian Mining Agreement

A deal between Vancouver-headquartered Pacton Gold Inc. and Australia-based Marindi Metals Inc. has been called off. Pacton says that further to its binding letter of intent (LoI) with Marindi, it has completed its legal and technical due diligence investigations in the Bellary Dome exploration in Western Australia and as a result has elected to terminate the LoI with Marindi. The two companies had signed a deal in June that proposed that Marindi would receive C$2 million cash and shares equivalent to 9.9% of Pacton, as well as C$2 million in future milestone payments. Pacton is focused on the exploration and development of conglomerate-hosted gold properties in Western Australia. Marindi is an exploration company focused on lithium, gold, and zinc in the State of Western Australia and the Northern Territory.

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