Korab sells WA gold projects
PERTH (miningweekly.com) – Metals developer Korab Resources has agreed to sell its Melrose and Darlot East gold projects, in Western Australia, for A$1.5-million.
The company and its wholly owned subsidiary Melrose Gold Mines, have entered into a heads of agreement with an unnamed Australian miner to sell all the leases, prospecting licences, rights to mine and all information and contracts for the Melrose and Darlot East projects.
The consideration would be paid in tranches, with Korab confirming on Friday that it had received a A$200 000 deposit on the signing of the heads of agreement
A further A$250 000 would be paid within 45 days, as Korab gave a written notification that all outstanding claims to any mineral rights over the assets in favour of a third party, had been extinguished.
The balance of the payment, amounting to some A$1.05-million would be payable 90 days after the signing of the agreement, and subject to the remaining conditions.
Korab reported that the proceeds from the project sale would go towards the start-up costs and the working capital requirements to start production of direct application rock phosphate at the Geolsec project, and for exploration, evaluation and development work at the Bobrikovo gold and silver project.
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.
Apart from the written notification required by the buyer, the deal was also subject to regulatory approvals.
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