Empire Metals executes sale of Eclipse gold lease, focuses on Pitfield

(Alliance News) - Empire Metals Ltd on Tuesday said its subsidiary has executed a sale and purchase agreement for its entire stake in the Eclipse mining lease.

Back in December, the London-based mining firm targeting Australia reported that Empire Metals Australia Pty Ltd is selling its 75% interest in Eclipse, a non-core gold prospect near Kalgoorlie.

The total consideration is AUD750,000, or USD533,715, including a non-refundable deposit of AUD50,000 already received, and AUD700,000 in cash payable on completion, which is expected in the near term.

Empire Metals sees the divestment supporting its plans to "focus capital and management resources" on the Pitfield titanium project, also in Western Australia, which Managing Director Shaun Bunn noted as "one of the largest titanium discoveries globally".

The Eclipse sale process in March was extended to allow the purchaser additional time for due diligence following delays to drilling assay results.

Empire Metals shares rose 1.6% to 34.23 pence on Tuesday morning in London.

By Holly Munks, Alliance News reporter

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