Fraser Range Metals Group (ASX: FRN) has negotiated an extension to the share sale agreement with International Goldfields (ASX: IGS) regarding the Plumridge Gold Pty Ltd transaction.
The new agreed end date to fulfil various conditions of the transaction is 31 August 2013.
The company is acquiring 100% ownership of the Plumridge Project, located along the Tropicana Gold Belt in Western Australia, from International Goldfields.
The project is host to rocks prospective for both gold and nickel along the same tectonic zone as Sirius Resources' (ASX: SIR) Nova discovery.
Plumridge also lies 90 kilometres south of Anglogold Ashanti (ASX: AGG) and Independence Group's (ASX: IGO) 7.9 million ounce Tropicana Gold Project.
A recently completed VTEMmax airborne survey over a large part of the Plumridge Project has identified 28 targets.
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