Rift Valley Resources Ltd (ASX: RVY) has executed a conditional sale agreement in relation to its Kitongo Gold Project in Tanzania.
Total consideration is US$550,000 and the purchaser has deposited a non-refundable US$50,000 commitment fee.
The company is working with the purchaser to satisfy the remaining conditions of the sale which are well advanced.
Canuck sale to further boost the coffers
A mineral prospecting rights agreement has also been executed by Rift and the purchaser for the sale of the company’s Tanzanian Canuck prospecting licence.
The purchaser has agreed to acquire the licence for US$250,000 subject to the transfer of the prospecting licence, and has paid a deposit of US$100,000.
The remaining US$150,000 will be paid upon the transfer of the licence.
Option agreement over Miyabi Gold Project
Rift recently received a proposal to enter into a non-binding and non-exclusive option agreement for the acquisition of the company’s Miyabi Gold Project, also in Tanzania.
While this proposal is under consideration, it would provide further capital for the company to pursue initiatives related to high priority projects.
This includes infill drilling to upgrade the existing mineral resource estimate at the company's 70%-owned Longonjo Magnet Metal Project in Angola.
Rift recently raised $1.5 million to assist in progressing the Longonjo rare earths project which has the potential to deliver low-cost neodymium and praseodymium oxide.
Other important projects include the Cassenha Hill gold-copper prospect, also in Angola.