CNMC Goldmine acquires Kelantan rights

GOLD miner CNMC Goldmine said on Monday morning that it will pay RM2.5 million (S$0.79 million) to acquire KelGold, a Kelantan company with rights to explore gold, iron ore and other minerals.

KelGold's rights are in an area of 15.5 sq km in Kelantan that expires in 2019, and is in the process of renewing rights to explore gold and other minerals in another 8.7 sq km site in Kelantan.

It currently has a net liability position of RM50,000.

CNMC last traded at S$0.40.