LONDON: Empire Metals Limited (AIM: EEE | OTCQX: EPMLF) has entered into a conditional agreement to sell its 75% interest in the Eclipse gold mining lease in Western Australia for A$750,000 in cash, the exploration and development company said on Thursday.
The proposed purchaser, an unnamed but reputable mining services company operating in the Kalgoorlie region, will pay a non-refundable A$50,000 deposit. The remaining A$700,000 is payable upon completion after a three-month exclusivity and due diligence period. During this time, the buyer may conduct a small drilling programme on the project.
“The conditional sale represents a further step in our strategy to streamline the portfolio and focus management attention and capital on advancing the Pitfield Project,” said Shaun Bunn, Managing Director of Empire Metals.
The Eclipse Mining Lease is classified as non-core. The deal aligns with Empire’s stated strategy of rationalising its portfolio to concentrate resources on its flagship Pitfield Titanium Project in Western Australia.
Settlement of the transaction is expected in early April, pending the successful completion of the purchaser’s due diligence.
Empire Metals is an AIM-quoted resource company focused on the discovery and development of high-value mineral deposits. Its primary focus is the advanced Pitfield Titanium Project.