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Korab extends project divestment deadline

10th January 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Metals developer Korab Resources on Friday announced that it had extended the completion date to divest of its Melrose and Darlot East projects, in Western Australia, to allow for the fulfilment of the remaining conditions precedent.

The company said that the sale would be finalised before the end of January.

In October last year, Korab told shareholders that it had agreed to sell the two gold projects for A$1.5-million to an unnamed Australian miner, selling the leases, prospecting licences, rights to mine and all information and contracts for both projects.

The Melrose project, which is about 400 km north of Kalgoorlie, was estimated to host a resource of some 339 000 oz, while the Darlot East project was in close proximity to the Darlot and Centenary gold mines.

Edited by Creamer Media Reporter

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