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European Lithium updates on the Paynes Find Gold Project

The company remains focused on the Wolfsberg Lithium Project.

The terms for the asset sale have been amended

European Lithium Ltd (ASX:EUR,FRA:PF8,VSE:ELI) has agreed to amend the terms of the sale agreement with Cervantes Gold Pty Ltd (ASX:CVS) for the sale of its Paynes Find Gold Project.

The details are now as follows:

- The end date for completion of the transaction has been amended to 28 November 2017; and

- This extension was provided in consideration for the payment of $25,000 from CVS to the company by 20th October 2017.

The total consideration payable remains unchanged and comprises $500,000 cash, of which $170,000 has been received to date, and $500,000 in share consideration (25 million shares at a deemed issue price of $0.02).

European Lithium remains focused on the Wolfsberg Lithium Project located in Austria.

READ NOW: European Lithium to fast-track lithium pre-feasibility study

Quick facts: European Lithium Ltd

Price: 0.07 AUD

Market: ASX
Market Cap: $50.86 m

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