Millennium Minerals Limited (ASX: MOY) – $0.032
27 Mar 2015
Millennium Minerals Limited (ASX: MOY) has signed a $3.8 million agreement for the sale of its 100% owned tenements covering the Beatons Creek Conglomerates in Western Australia to Novo Resources Corp (Figure 1).
Figure 1. Beatons Creek Joint Venture Tenements
The tenements comprise Mining Leases 46/9, 46/10 and 46/11 and were previously the subject of a Farm-In Agreement whereby Novo Resources had the right to earn a 70% interest through completing a bankable feasibility study by August 2016.
Novo Resources will pay the company $3.8 million for the tenements on completion. Foreign Investment Review Board approval has been received for Novo Resources. Completion will occur following the consent of the company’s senior lenders expected shortly. A condition subsequent to completing is obtaining the consent of the Minister for the transfer of the tenements pursuant to the Mining Act 1978 (WA).
The cash proceeds will be used to assist the company in reducing its debt obligations and provide additional working capital.
For further details, visit www.millenniumminerals.com.au
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