MI6 is set to acquire the Bullabulling project from Zijin Mining (2899 HK, Not Rated) for A$166.5m. The acquisition remains subject to several conditional precedent, including shareholder approval and MI6 raising sufficient equity to complete the A$156.5m cash component of the transaction. The Bullabulling project has a long history, having produced gold in the 1990s and has seen over 530,000m of drilling that has been used to define a resource of 60.0mt @ 1.19g/t containing 2.3moz. The Bullabulling project is well advanced in terms of resource definition and metallurgical test work. Post completion of the acquisition, MI6 plans to commence an 80,000m drilling campaign and then release an updated resource estimate later this year.
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