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Additional Information
Market:ASX
Sector:Oil and Gas Exploration and Production
EPIC:GDN
Latest Price: 0.02  (0.00%)
52-week High:0.02
52-week Low:0.01
Market Cap:18.54M
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Golden State Resources Full Golden State Resources profile here

Golden State Resources (ASX: GDN) is primarily focused on oil and natural gas exploration in the USA and Ukraine

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Golden State Resources to sell stake in Leonora Gold Project, moves to oil and gas focus

Monday, March 07, 2011
Golden State Resources to sell stake in Leonora Gold Project, moves to oil and gas focus

Golden State Resources (ASX: GDN) has agreed to sell all of its right, title and interest in the Leonora Gold Project in Western Australia to Messina Resources Limited, which plans to list on the ASX during 2011.

Messina Resources was formed to acquire gold assets from Golden State and to build a footprint in the mining and resources industry with an immediate focus on gold.

Golden State will receive shares in the new listing of Messina Resources which will purchase the gold tenements for the consideration of 2.5m shares in the new company, valued at $500,000 on listing.

Golden State has recently focused on its US oil and gas interests, the Golden Eagle field in Utah but retained a number of mineral tenements in the Western Australia.

These tenements are subject to exploration and recurring rental outgoings. However, Golden State will no longer be required to provide any further development funding or expenditure on the tenements going forward under the agreement.

A priority allocation provides an opportunity for Golden State shareholders to participate in the new listing. Messina Resources intends to seek further projects for acquisition, focusing on gold and other mineral resources both in Australia and overseas.

The agreement is part of a series of asset sales by Golden State that includes the September 2010 disposal of 35 million shares in White Canyon Uranium (ASX: WCU), for A$3.5 million, reaping an additional A$1.5 million from when the deal was first announced in July.

Golden State is continuing its progression towards production at the Golden Eagle Gas Field, USA, which contains an independently estimated 60.4 billion cubic feet gas initially in place (BCF GIIP).

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