SYDNEY, AUSTRALIA: QMines Limited has executed an exclusive option agreement with Queensland Critical Minerals Limited (QCML) for the divestment of its non-core gold and base metal exploration projects, Silverwood, Warroo and Herries Range. The projects are all located in South East Queensland.
As part of the company’s growth strategy, resources have been directed towards the growth and development of its flagship Mt Chalmers project and the search for nearby copper development projects that are complimentary to this strategy.
Under the terms of the option, QCML will pay an option fee of $22,174 providing the right to purchase a 180% interest in the projects at any time within the 12 month option term. To exercise the option, QCML will pay QMines $100,000 in cash and $375,000 in shares upon a planned listing in Australia or in Canada.
QMines Limited Managing Director, Andrew Sparke, comments: “At QMines, we believe that a focused strategy will deliver faster and more compelling outcomes for our shareholders. The divestment of these assets will allow QMines to focus on the growth and development of its Mt Chalmers copper project whilst retaining exposure to the upside of these assets via our shareholding in QCML.”
“We believe that advanced copper development project(s) that can be grown and developed quickly is what will deliver future growth of our Company.”