PERTH (miningweekly.com) – Junior Tyranna Resources has inked a share and asset sales agreement with fellow listed Syngas over the Jumbuck gold project, in South Australia.
Under the terms of the agreement, Syngas would pay Tyranna A$950 000 for the gold project, subject to shareholder and regulatory approvals.
Tyranna director Joe Graziano said on Monday that the company was pleased to have executed the agreement, and would now put the sale of the Jumbuck gold mine to shareholders for approval.
“The sale of the Jumbuck gold project will provide the necessary funds for the company to progress its exploration strategy at the Dragon and Knight nickel project,” he added.
Syngas director David Low noted that the company had signed a A$1.3-million loan facility with AsiaPacific Businesslink to fund the acquisition of Jumbuck and would look to increase the resource at the project area.
Tyranna is expected to call a shareholder meeting in late July to approve the transaction.