Gympie Eldorado Mining, owned by Mizuho International (74.2%), Investec Bank of Australia (12.9%) and Buka Minerals directors de Crespigny, Ron Walker and Mark Carnegie (12.9%), may also assume certain liabilities associated with the Gympie operation with a current book value of around $3.9 million.
Subject to shareholder approval, Buka is to acquire the stake held by the three directors.
According to a statement by Buka, GEM anticipates that the Gympie operations will return to a "listed environment" during 2005.
Gympie Gold went into voluntary administration and receivership following a fire at its 90% owned Southland Colliery in December 2003.
The Gympie Eldorado operation has long been said to have multi-million ounce potential. It currently produces at around 30,000oz per annum.
De Crespigny was Australia's premier gold identity up until Normandy Mining, the company he founded and ran, was taken over by Newmont Mining early in 2002 following a tug-of-war with AngloGold.
