Eastern Goldfields Limited (ASX:EGS) entered into an agreement to acquire Siberia Gold Tenements from Heron Resources Limited (ASX:HRR) for AUD 0.10 million on January 23, 2017. Under the terms of the transaction, Eastern Goldfields will acquire 100% title to the mining tenements and gold rights in respect to the mining tenements. The payment  of  AUD 0.1 million will be made in  cash  or  shares, at  Eastern Goldfields's election. Eastern Goldfields will also pay 1.5% royalty on the gross revenue from gold production.

The agreement is subject to certain terms.