Polymetals Mining Limited - Boorara divestment: Heads of Agreement signed
BOORARA DIVESTMENT: HEADS OF AGREEMENT SIGNED
Polymetals Mining Limited (ASX:PLY) is pleased to announce the signing of a Heads of Agreement with MacPhersons Reward Gold Limited (ASX:MRP) for the sale of Polymetals' Boorara Project.
The sale, subject to due diligence, involves consideration equivalent to three million dollars comprising:
- a non-refundable 50,000 dollar deposit payable within 7 business days; and
- cash of 2.45 million dollars and fully-paid MRP shares to the value of 500,000 dollars - payable within 7 business days of entering into a Sale and Purchase Agreement following the conclusion of a 8-week due diligence period.
The Boorara Project, 17km from Kalgoorlie in Western Australia, covers 33km2 of land holdings. The four known deposits have a combined Indicated Resource of 1,291,000 tonnes at 1.3 g/t; the combined Inferred Resource is 615,000 tonnes at 1.5 g/t, using a cut-off grade of 0.5 g/t.
The information in this announcement that relates to Mt Boppy and Boorara Mineral Resources is based on information compiled by Mr Paul Blackney who is a Member of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists and is a fulltime employee of Optiro Pty Ltd.
For further information please refer to the attached Polymetals_ASX_Announcement.