Mount Magnet South (ASX:MUM) is progressing its sale of the Kirkalocka Gold Project to Ozchina Enterprises Pty Ltd with the latter completing technical, legal and financial due diligence queries to its satisfaction.
Ozchina has further agreed to waive the condition precedent requiring MMS to negotiate a deferral of the Contingent Amount due under the Equigold Pty Ltd Asset Sale Agreement.
It has also assigned its rights and obligations under the offer to Minjar Gold Pty Ltd, which owns and operates the Minjar Gold Mine 550 kilometres northeast from Perth.
Drafting of formal sale and purchase agreements for the assets the subject of the offer is well advanced.
In May, Mount Magnet had entered into a conditional binding offer to sell the project in the Mt Magnet region of Western Australia for $1.7 million.
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