The historic Central Norseman gold mine is edging closer to revival after its private owners put it up for sale, with industry speculation suggesting Central Norseman Gold Corporation could be looking for between $300 million and $400 million. 

It is believed the project, which was closed in 2014 after almost 80 years of continuous production as a high-grade underground operation, is being pitched as a larger-scale open pit mine. 

Its vendors are pitching the mine as a multimillion-ounce resource which could produce about 200,000 ounces a year for at least five years as an open cut operation. 

An estimated $50 million of drilling has been done over the past three years, which could be development-ready within 12 to 18 months. 

The West Australian's WestBusiness understands the Liam Twigger-led corporate advisory firm PCF Capital Group has been appointed to lead the sale, having been awarded the mandate on Friday. 

Mr Twigger was involved in the sale of the mine after the collapse of Croesus Gold, engineering the project’s $71 million sale to Norseman Gold — then Davos Gold — in 2007, when gold was about US$600 ($762.24) an ounce. 

The price was more than double that at about US$1265 ($1607)/oz on Wednesday.

But the Central Norseman mine has been shut for the past three years after its then-owners ran into financial difficulties, having entered administration in 2012. 

The North Royal, Bullen and Harlequin mines at Central Norseman were put on care and maintenance on July 1, 2014, by which point the once 250-strong workforce had shrunk to just 33, triggering a downturn in the Goldfields town, 190km south of Kalgoorlie-Boulder. 

The mine, near where gold was first found in the district in 1894, ran for 79 years after Western Mining opened it in 1935. 

Central Norseman Gold Corporation is backed by Sydney-based rich-lister Kevin Maloney and his private investment group Tulla Resources, which provided the funding to pay staff and administration costs when the then-listed Norseman Gold ran into trouble five years ago.