Exterra Resources Limited (ASX: EXC) – $0.018 (+50%)
13 Apr 2015
Exterra Resources Limited (ASX: EXC) has entered into a Project Sale Agreement with Fortuna SL Mining Pty Ltd for the Linden Gold Project located in southern Western Australia (Figure 1).
Figure 1. Location of Linden Gold Project
Highlights of the Agreement include:
- The company shall receive consideration of $7,000,000 cash in tranches as follows:
i. $100,000 on the execution date (payment received);
ii. $150,000 on Monday 13 April 2015; and
iii. $6,750,000 on or before Wednesday 5 August 2015.
- Fortuna SL Mining shall grant the company a 2% gross royalty on the Mining Property;
- Fortuna SL Mining shall grant the company a 1% gross royalty on the Fortitude Tenements that are currently under an Option to Purchase Agreement;
- Fortuna SL Mining shall:
i. Undertake a resource and regional drilling program at its expense to be completed by 30 May 2015;
ii. Complete an updated JORC compliant resource and reserve for the Second Fortune deposit by 15 July 2015.
Completion of the Transaction is subject to certain conditions including the company’s shareholder approval.
For further details, visit www.exterraresources.com.au