Sipa to Sell Exploration Licence to SMC

17 November 2009 (Last Updated November 17th, 2009 18:30)

Sipa Resources has agreed to sell its exploration licence, E20/546, to Sinosteel Midwest Corporation (SMC) in exchange for $450,000 as well as a 0.2% 'free on board' royalty for any iron ore output from the tenement. The proceeds from the sale will be utilised for working capital purpos

Sipa Resources has agreed to sell its exploration licence, E20/546, to Sinosteel Midwest Corporation (SMC) in exchange for $450,000 as well as a 0.2% 'free on board' royalty for any iron ore output from the tenement.

The proceeds from the sale will be utilised for working capital purposes.

The non-core licence is situated in the south-west end of the Weld Range in Western Australia's mid-west region.

The agreement will be concluded on 31 December 2009.