THE new owner of the Hillgrove mine predict the historic operation will be a gold mine of opportunity.
Red River purchased the gold and antimony mine, which has been sitting idle since 2016, for $4 million.
Over its lifetime, the mine has produced more than 20 tonnes of gold.
Red River managing director Mel Palancian said the company had been working on the acquisition for the past six months and described it as a "great addition to our portfolio".
"We love gold and bringing mining assets back to life cheaply," Mr Palancian said.
"It's rare to find a high-grade gold asset that is close to production, with quality resources and infrastructure. We can fund near-term commitments from our strong existing cash balance and ongoing cash flow.
"For Hillgrove, we will ensure a smooth transition of the asset and evaluate the opportunities by upgrading and growing resources and developing an optimised restart study."
Since 2004, $180 million has been invested in the mine's infrastructure, however in 2015 it was placed in care and maintenance mode due to low prevailing antimony prices.
It currently has a workforce of five, but at its height the mine employed about 120 people.
"We will continue to focus on production and growth at [our Queensland mine] Thalanga, as there is an exciting future ahead with significant growth potential," Mr Palancian said.
The sale is subject to the approval of the NSW Energy and Environment Minister, which is expected to take four to six weeks.