Australian Mines (ASX: AUZ) has been granted a trading halt by the ASX pending a 'significant transaction' announcement, with the company's shares placed in pre-open.
Australian Mines has not yet elaborated on what the transaction potentially entails.
In the quarterly issued last week by the company it said that 'a commercial decision was made during the quarter by the directors to seek a commercial outcome with the Australian assets including Mt Martin gold mine'.
The company also stated the' 'Possible sale of the Eastern Goldfields tenement package has progressed with several parties expressing interest.'
What is interesting is that Australian Mines has already outlined the result of any funding injections from sales, saying that the funds would be used to further progress exploration in Nigeria.
In Nigeria - the company recently received high grade gold assays from the latest soil survey at Kasele.