Binding contracts have now been signed for the sale of New Age’s 50% share of the Redmoor tin and tungsten project.
() has confirmed that a high-level mining study on the Redmoor tin and tungsten project has recently been completed by Wardell Armstrong International.
Results of the study have been encouraging and show that the Redmoor deposit is amenable to underground mining using long-hole open stoping with backfilling as the mining method.
An updated preliminary economic evaluation based on the recently completed high-level mining study has also been completed by Wardell Armstrong with encouraging results.
The Redmoor tin and tungsten project is owned by Cornwall Resources Limited, the joint venture vehicle in which New Age has a 50% interest.
Binding contracts have now been signed for the sale of New Age’s 50% share of Cornwall Resources to () for a total consideration of $5 million.
The agreed settlement date for the contract is May 30, 2019 when the first tranche of $2 million is payable to New Age.
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