Blackwater Gold Project

Blackwater Gold Project (Royalty)

The Blackwater Gold Project (Snowy River Project) is located in Reefton, in the north-west coast of the South Island of New Zealand and is being developed by Federation Mining Pty Ltd (Federation). Fitzroy holds a variable 1-3% NSR royalty over the project. OceanaGold Corporation (ASX:OGC) (OGC) hold an option to buy-out the royalty. The buy-out option is exercisable at any time until a decision to mine to buy back the royalty for the sum of A$5million indexed from 14 May 1991 (currently approximately A$10.7m). Federation Mining have an option to purchase Reefton from OGC.