BUSHRANGER Copper Project (EL 5574)
Lachlan owns a 100% interest in the Bushranger exploration-stage copper and gold deposit (the "Bushranger Copper Project") located approximately 25km south of Oberon in the Lachlan Fold Belt in New South Wales, Australia. Given Lachlans acquisition of the CMD Gold Mine and its focus on the operation and continued development of that project, the Bushranger Copper Project is not considered to be a core asset of the Company.
On September 29, 2011, the Company entered into a farm in agreement (the "Newmont Farm In Agreement") for the Bushranger Copper Project with a subsidiary of Newmont Mining Corporation ("Newmont") providing for the potential acquisition by Newmont of a 51% interest in the Bushranger Copper Project. Newmont’s interest was assigned to Anglo American Exploration (Australia) Pty Ltd in January 2014 and the farm- in period extended to 24 May 2014.