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Hong Kong company Jin Resources has acquired the Gilded Rose project in a $4 million deal that will fuel vendor Ausmex’s bid to bring its Cloncurry gold hub online this year.

Completion of the sale was announced this morning, with Ausmex saying it had already received $2.5 million in upfront cash payments for the ‘non-core asset’.

It said the Gilded Rose gold project had been transferred to an Australian subsidiary of Jin Resources.

There has been some to-ing and fro-ing over the Cloncurry district project, with PepinNini Lithium having pulled out of a $4 million deal to buy it last week.

That company announced on Thursday that, subject to it having undertaken due diligence on the Ausmex-owned project, the parties had been unable to reach agreement to proceed further with the sale.

PepinNini’s interest came after a previous sale agreement with Jin Resources fell through in February.

The Gilded Rose project includes four gold mining leases, one exploration licence and a carbon in pulp processing plant (pictured). The plant, not in operation, has design capacity for the processing of 60,000 tonnes per annum.

Its sale will help Ausmex Mining Group progress the Mount Freda gold operation as well as the nearby Golden Mile development.

The transaction terms included the $2.5 million already paid to Ausmex, a further sum of $500,000 to be paid in 12 months’ time and $1 million to be paid upon the production of 10,000oz gold or within two years.

Ausmex said Jin had appointed a management team based in Melbourne and in Queensland with significant experience in bringing mining assets into production.

“The team comprises individuals who have held senior positions at BHP Billiton and Rio Tinto in addition to executive roles with junior mid-tier mining companies based in Australia and London,” Ausmex said in a statement to the market.

“The management team at Jin will be seeking to recommence production of gold at Gilded Rose in the coming months.”

Hong Kong company seals the deal on Gilded Rose