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Company News Summary

Saracen Mineral Holdings Announces Sale of Mining Leases and Exploration Tenements

18 Apr 2019  |  13:12:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: HAW: Sale of Mining Leases and Exploration Tenements

Saracen Mineral Holdings advised that Hawthorn Resources has entered into a binding Asset Sale and Purchase Agreement with the Company and its subsidiary Saracen Gold Mines. The Agreement provides for the sale of Hawthorn's interests in Box Well and Deep South mining leases along with exploration tenements totalling 18 tenements and leases. The Assets are in the Carosue Dam district, South Laverton. JORC-compliant Mineral Resources at 30 June 2017 comprise 130koz at Box Well (100%) and 77koz at Deep South (80%). The sale is subject to the usual conditions precedent for such a transaction including due diligence by the Company. The consideration for the Assets is A$13.5m payable in cash. The sale is expected to be completed before 30 June 2019.

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