Completion of the sale occurred last week, with Ausmex getting $2.5 million upfront which will it says will help them progress the Mt Freda and Golden Mile mining leases, both also in the Cloncurry area.

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

"(Jin) has appointed a management team across Melbourne and Queensland, who have significant experience in developing mining assets to production, with individuals who have held senior positions in BHP Billiton and Rio Tinto, " Ausmex said.

"The management team at Jin will seek to recommence production of gold at Gilded Rose in the coming months."

The deal comes just a month after it looked like PepinNini Lithium had acquired the asset for the same price but PepinNini pulled out two weeks.

PepiniNini said that after due diligence on the 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.

Gilded Rose, 15km east of Cloncurry, includes four gold mining leases, one exploration licence and a dormant gold (Carbon in Pulp) processing plant with a design capacity for the processing of 60,000 tonnes a year.

As well as the $2.5 million Jin Resources already paid to Ausmex, a further sum of $500,000 will be paid in 12 months' time and $1 million is to be paid upon the production of 10,000oz gold or within two years.

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