On 19th October 2018, the Company advised it had executed a binding sale and purchase agreement with an unrelated entity to divest its joint venture interest with PT Sumber Mineral Nusantara in the Trenggalek Project in East Java.
The Company agreed to the sale of its legal and beneficial right, title and interest to the Trenggalek Project, technical information, specified contracts and shares in its wholly owned subsidiary PT lndonusa Mining Services for cash consideration of A$100,000.
Completion of the transaction is subject to the satisfaction or waiver of a number of conditions precedent including obtaining any necessary regulatory approvals and execution of various Assignment Deeds. The sale and purchase agreement contains other standard terms typical to agreements of a similar kind.
The divestment is consistent with the Company’s decision to focus its resources and activities on developing the Manitou Gold Project which is located in North-western Ontario and comprises 112 claims totalling 245 km2.
The Project is strategically located in the past producing Manitou Lake area in the Western Wabigoon geological sub-province of Ontario, Canada. Although the Board is currently focussed on the Manitou Gold Project, the Company will also continue to assess new business opportunities in the mining and resources sector.