PERTH (miningweekly.com) – Junior Shree Minerals has struck a sale and purchase agreement with unlisted MetalsGrove Mining over its stake in the farm-in and joint venture (JV) agreement with Territory Lithium, in the Northern Territory.
The JV, known as the Arunta JV, covers the Box Hole, Edwards Creek and Bruce gold projects.
Under the terms of the agreement, MetalsGrove will pay Shree A$50 000 in cash, and will issue the company 4.75-million shares in MetalsGrove. The transaction is subject to a number of conditions precedent, including MetalsGrove conducting a due diligence investigation and ASX approval.
Shree said on Friday that the sale of the company’s interest in the Arunta JV would allow Shree to focus its efforts on its existing high-priority exploration targets in New South Wales and Western Australia, and to restart iron-ore production and shipping at its Nelson Bay River project, in Tasmania.