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European Lithium steps closer to monetising Paynes Find Gold Project

European Lithium remains focused on the Wolfsberg Lithium project.
European Lithium steps closer to monetising Paynes Find Gold Project
Wolfsberg is located in Austria

European Lithium Ltd (ASX:EUR) has amended the end date on the sale agreement with Cervantes Gold Ltd (ASX:CVS) for the sale of its Paynes Find Gold Project to 16 October 2017 from 30 September 2017.

Consideration remains unchanged and comprises $500,000 cash and $500,000 in shares, priced at $0.02.

Tony Sage, non-executive chairman for European Lithium, commented: "We are in regular communication with CVS to complete the transaction next month.

"The remaining cash proceeds received from the transaction will be used towards progressing the company’s flagship Wolfsberg Lithium project."

European Lithium is fast-tracking the development of Wolfsberg, located in Austria.

The company recently produced battery-grade lithium carbonate from its hydrometallurgical testwork program.

READ NOW: European Lithium produces battery-grade lithium carbonate

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