PERTH (miningweekly.com) – ASX-listed Titan Minerals has completed the divestment of its noncore mineral claims in Peru.
Under the terms of an agreement struck in August, Titan sold the Coriorcco and Las Antas mineral claims to TSX-V-listed Oro X Mining Corp for $1.65-million in cash and 4.25-million shares.
The sales agreement also included contingent payments to Titan if measured and indicated resources are defined at Coriorcco, as well as a 1% net smelter return royalty on the Coriorcco mineral claim.
“Sale of the Coriorcco and Las Antas mineral claims in Peru is the first step of our strategy to divest noncore assets and focus on developing our strategic assets in Ecuador. Cash generated from this transaction will be used to advance development of the Dynasty gold and Copper Duke projects,” said Titan MD Laurie Marsland.
“We will continue to look for appropriate opportunities to monetize noncore assets via divestments to the maximum benefits of our shareholders,” he added.