- Great Northern Minerals (GNM) signs a binding agreement to offload its Big Rush gold project to Great Eastern Gold for $250,000
- The deal will see GNM sell all of its issued share capital of Alphadale, as well as its legal and beneficial interest in EPM 27823, which makes up the project
- It comes as part of the company’s strategy to obtain value from its non-core assets while focusing on exploration and growth at its Camel Creek project
- Great Eastern Gold has 60 days to complete legal and technical due diligence on the project to finalise the deal
- GNM shares last traded at 0.4 cents on September 26
Great Northern Minerals (GNM) has signed a binding agreement to offload its Big Rush gold project to Great Eastern Gold for $250,000.
The Queensland-based project comprises four tenements, one of which, EPM 27823, is owned by Northern Exploration and the other three by Alphadale.
GNM has agreed to sell all of its issued share capital of Alphadale, as well as its legal and beneficial interest in EPM 27823.
It comes as part of Great Northern’s strategy of obtaining value from its non-core exploration assets, while keeping focused on exploration and growth at its Camel Creek project.
The total consideration includes a $25,000 non-refundable exclusivity fee and the balance is due on completion of the transaction.
Great Eastern Gold has been granted 60 days to complete its legal and technical due diligence on the project to finalise the deal.
GNM shares last traded at 0.4 cents on September 26.