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Westgold Resources Completes Sale of Peak Hill Gold Project

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Westgold Resources (WGX.TO) has completed its sale of the Peak Hill Gold Project in Western Australia to Great Boulder Resources for A$54.4 million.

The total consideration consists of A$25 million in cash and a 19.9% stake in Great Boulder valued at A$29.4 million, the Australia-based gold producer said Wednesday. Westgold will also receive a 1.0% net smelter return royalty over all of Peak Hill's future gold production.

The deal is part of Westgold's strategy to simplify its portfolio and obtain value from non-core, non-producing assets.

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