Athena Resources (ASX:AHN) will punt the Byro iron ore project that is located 310 kilometres from the Port of Geraldton to a Hong Kong based company.
A binding term sheet has been signed with Brilliant Glory Industrial Corporation to acquire the project via a A$1 million placement of Athena shares and a consideration of A$20 million.
Byro is located in the midwest of Western Australia and has high grade magnetite.
Athena will need to obtain two mining leases within the boundaries of the Byro project as well as obtain all necessary shareholder and regulatory approvals prior to completion of a formal agreement.
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