Company Announcement: Caravel progresses disposal of Meekatharra tenements
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Caravel Minerals Limited is pleased to advise that it has advanced the disposal of its non-core mineral exploration assets in the Meekatharra district in WA, with sales agreements now in place for the majority of these projects. These long held “Silver Swan” tenements were earmarked for disposal in 2012 and their sale and/or surrender enables Caravel to focus on its recently acquired tenements from Kingsgate Consolidated, including its flagship Calingiri copper-molybdenum project and Bryah Basin copper-gold project in WA, and its Wynberg project in Queensland.
Caravel Chief Executive Officer Marcel Hilmer said the disposal of these non-core assets was consistent with the Company’s focus on the quality minerals portfolio acquired from Kingsgate. “This will reduce Caravel’s annual tenement obligations by up to $1.25 million, while at the same time realising cash proceeds from disposal agreements. This will further assist the Company to advance its plans for the Calingiri, Wynberg and Bryah Projects.”
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