PERTH (miningweekly.com) – ASX-listed junior BCD Resources has sold off its Victorian copper assets to former Integra Mining directors Chris Cairns and Peter Ironside, for A$2.8-million.
Ironside and Cairns had bought the three exploration licences under the banner of their new, unlisted vehicle Northern Platinum, which had indicated its intention to privately fund copper and gold exploration in the near term.
BCD said this week that the A$2.8-million transaction fee would be payable by installments over a period of 12 months, following the statutory transfer of the exploration lincences.
The first A$2.3-million consideration was payable in cash, with the final A$500 000 installment payable in cash or, at the option of BCD, in shares should the assets reside in an ASX-listed entity.
BCD noted that proceeds from the sale would be applied toward the early start of its Stormont and Lorena gold projects.