Benz Mining (ASX:BNZ) completed the acquisition of the Glenburgh and Mt Egerton gold projects in Western Australia from Spartan Resources (ASX:SPR) by purchasing 100% of the issued share capital in Gascoyne Resources (WA) and Egerton Exploration, according to a Tuesday filing with the Australian bourse.

The transaction involved an upfront cash payment of AU$500,000 and the issue of 33 million CHESS depository interests to Spartan Resources, the filing said. Spartan Resources will also get AU$500,000 on the first anniversary of the transaction completion and up to AU$6 million after certain milestones are met.

Benz Mining shares rose nearly 12% in afternoon trade Wednesday.