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Apex cancels Wiluna sale

20th May 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed Apex Minerals on Monday announced that it had terminated the memorandum of understanding (MoU) with Ever Prosperity Investment for the sale of its Wiluna gold mine, in Western Australia.

Apex had agreed to a 60-day extension of the due diligence period, on the payment of $250 000 by May 19. However, the company told shareholders that payment by the agreed-upon deadline had not taken place, prompting Apex to terminate discussions.

The MoU contemplated the A$50-million cash sale of Wiluna, and followed a strategic review process by Apex.

Apex said on Monday that the Wiluna operations continued to show significant improvement in operating costs and margins, and added that the company would continue with its focus on these improvements.

The company would also remain actively engaged in discussions with third parties regarding the potential restructure or sales transactions, in line with the strategic review’s objectives.

Edited by Creamer Media Reporter

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