Technology minerals company Talga Resources has agreed to sell its remaining Australian gold project, Bullfinch, to Australian company GBM Investments for $400,000 plus a 1% net smelter royalty on production.
Talga said the agreement includes an exclusive three month option which must be exercised for the sale to go through, with a non-refundable A$50,000 deposit already received by the company.
“The Option must be exercised within a three month due diligence period,” Talga told the ASX.
“Execution of the Option ‘exercise notice’ will trigger completion of the sale and purchase agreement and payment of A$350,000, being the balance of the purchase price.”
Talga said the move to divest its remaining Australian gold assets will allow the company to focus on its Swedish assets.
“The Board of Talga believes this transaction to be an excellent outcome,” reads the company’s statement.
“The proceeds from the sale and any royalty payments will be applied directly towards Talga’s technology materials development program in Europe.”