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Mount Magnet South to bag $1.7M from Kirkalocka sale

Mount Magnet South to bag $1.7M from Kirkalocka sale

Mount Magnet South (ASX:MUM) has now entered into a conditional binding offer to sell the Kirkalocka Gold Project to Ozchina Enterprises Pty Ltd.

The project is located in the Mt Magnet region of Western Australia.

Mount Magnet said that it has agreed with Ozchina to extend the requirement to satisfy the conditions precedent to 21 May 2015, and now anticipates despatching notice of meeting for shareholder approval in four weeks.

Consideration includes a cash payment of A$1,700,000exGST.

Mount Magnet is now on the look-out for potential acquisitions that are drill-ready exploration projects through to advanced projects with existing resources and upside potential.

The company said all deal structures will be contemplated, from joint venture farm-in through to direct project equity or corporate acquisition.

Currently several opportunities are under review.


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