Blackham's Wiluna buy delayed

Settlement of the sale of Apex Minerals' Wiluna gold project to Blackham Resources has been delayed.

Receivers for Apex announced this morning they had extended the deadline for conditions on the sale from Friday, March 7 to Friday March 14.

Darren Weaver, of Ferrier Hodgson, said the extension was by mutual agreement of all parties involved but did not disclose the condition(s) of the sale agreement that had not been met.

Receivers announced in late January that the Wiluna project was to be sold to Joe Gutnick's Blackham Resources for just $2 million upfront and $2.6 million in deferred payments, subject to production milestones.

Blackham said at the time the acquisition would complement its nearby Matilda gold project.

Blackham will pay Apex's receivers a deposit of $200,000, $1.8m on completion of the deal, $1.3 million in cash or scrip once production from the Wiluna tenements reaches 50,000 ounces and a further $1.3m when production reaches 100,000 ounces.

Blackham shares were in a trading halt this morning, having last changed hands for 23.5 cents.