PNX Metals Limited announced that it has signed an agreement with a subsidiary of Kirkland Lake Gold Ltd. for the acquisition of 4 Mineral Leases (MLs) at Fountain Head in the Pine Creek region of the Northern Territory (NT). 100% ownership of the high grade Hayes Creek zinc-gold-silver Project has also been affirmed. The acquisition of the MLs represents a key milestone in the development of the Hayes Creek Project as it secures the proposed location for the Project's process plant. The area was identified through the Pre-Feasibility Study (PFS) as being the preferred plant site for a number of reasons, including: close proximity to the mining areas at Iron Blow and Mt Bonnie (approximately 12km) excellent existing infrastructure including high-voltage power, rail, gas, water and roads; and it is an existing disturbed site with historic open pits proposed for use as tailings storage. With the agreement to acquire Fountain Head, the proposed process plant location has now been finalised and the Project environmental Notice of Intent will now be submitted to the Northern Territory Environment Protection Authority. The transaction will result in no cash outlay for PNX and cements the significant Project capital and operating cost savings this site provides as identified during the PFS. As part of the Agreement, PNX will also take 100% ownership of the Moline Exploration Project which is highly prospective for gold and base metals (currently owned 51% by PNX under an existing farm-in agreement with KL Gold). In return for the acquisition of Fountain Head and balance of the Moline Project, PNX has agreed to carve out three exploration areas within the Burnside project area that are also part of the farm-in agreement and 51% owned by PNX. The transfer of these areas will allow KL Gold to continue with its regional gold exploration program in those areas and PNX will retain the right to explore for base metals. PNX is also pleased to report that KL Gold's option to clawback 30% of the Hayes Creek Project has now lapsed, affirming PNX's unencumbered 100% interest in the Project. This simplified ownership structure will allow for a more efficient process to finance and develop the Hayes Creek Project and potentially improve the financial returns for PNX shareholders.