PERTH (miningweekly.com) – Gold miner Millennium Minerals has completed the sale of its Beatons Creek tenements, in Western Australia, with the company receiving the asking price of A$3.8-million and the necessary consent for the transfer of assets.
In March, Millennium announced the divestment of the Beatons Creek tenements, which included three mining leases, and were previously the subject of a farm-in agreement with Novo Resources Corporation, under which that company had the right to earn a 70% interest in the project area by completing a bankable feasibility study by August next year.
The Beatons Creek project area was estimated to host an inferred resource of 8.9-million tonnes, grading 1.47 g/t gold for 421 000 oz of gold.
Millennium said on Wednesday that the cash proceeds from the sale would be used to assist the company in reducing its debt obligations and to provide additional working capital.