PERTH (miningweekly.com) – ASX-listed junior gold developer Southern Cross Goldfields has agreed to sell certain of its Mt Holland tenements to fellow-listed Convergent Minerals in a deal worth A$200 000.
Southern Cross said on Wednesday that the Mt Holland tenements complemented Convergent’s own tenements in Western Australia, which resulted in an "efficient and collaborative" transaction between the two parties.
The sale of the Mt Holland tenements was part of Southern Cross’ strategy to deal with its noncore assets in a manner that would preserve and enhance value, the company said.
The miner noted that it would continue to assess further opportunities within its portfolio, and would progress the disposal of its noncore assets.
“Southern Cross continues to progress its development pipeline along with a number of funding initiatives,” said MD Frank Terranova.
“A lot of work continues to be undertaken and we expect to be able to announce further progress in the coming weeks. Investors continue to express a preference for near-term production assets, and the Southern Cross portfolio satisfies this requirement.”
Southern Cross’ main focus is the Marda gold project, in Western Australia, where the company is hoping to develop a 35 000 oz/y operation.