PERTH (miningweekly.com) – ASX-listed junior TNT Mines has reached a sales agreement with Canadian firm TinOne Resources to divest of its tin/tungsten assets in Tasmania, for A$1.1-million.
TinOne would pay the total consideration over four tranches, with the first A$50 000 payment due on the inking of a definitive transaction, expected within the next 30 days.
Further payments would be due on the six- and 12-month anniversary of the signing, while the final A$500 000 payment will be made in either cash or shares on the 24-month anniversary of the agreement.
Under the terms of the agreement, TinOne would assume all of the ongoing project costs and would keep the licences in good standing from the execution of a definitive transaction until the acquisition has been completed.
TNT executive chairperson Brett Mitchell said on Thursday that the company was pleased to have entered into the agreement with TinOne.
“Once the transaction is finalised, all of the company’s resources will be fully focused on the imminent drilling programme at the Pelley ridge zinc project, in Montana, and the ongoing identification of other complementary assets in North America.”