Mantle Mining has signed an agreement to sell all of its interests in the Granite Castle and Charters Towers projects in Queensland, Australia, to an undisclosed buyer.
The proposed sale includes all of the company’s right, title and interest in tenements EPM 15527, EPM14179, and MDL 2005, as well as EPM 14388.
Under the agreement, the company is entitled to receive a cash payment of $400,000 in exchange for the disposition.
Mantle Mining CEO Tom de Vries said: “The agreement to sell Mantle’s non‐core projects is consistent with the company’s strategy first announced to the ASX on 22 August 2016.
“This will enable the company to focus its entire effort and resources to develop the significant opportunities that exist at the high‐grade Morning Star gold mine and our other projects in the eastern Victorian goldfields.”
In August last year, the company revealed its plans to focus on resuming production at the Morning Star gold mine in Victoria and place certain other assets on care and maintenance or set them aside for divestment.
The closure of the current transaction is conditional on obtaining all required regulatory approvals in connection with the transfer of the tenements to the buyer.
The approvals include those from the Queensland Department of Natural Resources and Mines, Department of Environment and Heritage Protection, and their respective ministers.