Greatland Gold PLC - London-headquartered mine developer & explorer - Signs an option agreement with Flynn Gold Ltd to sell its Tasmanian exploration licences for an option fee of AUD100,000, around GBP55,000. The gold projects are Firetower and Warrentinna, located in Australia. Says the option may be exercised during the option period which ends no later than June 30 next year.
Managing Director Shaun Day says: "Flynn Gold is a local Tasmanian operator seeking to accelerate the advancement of these exploration projects. The transactions allow Greatland to focus on its core projects in Western Australia."
If the option is exercised by Flynn Gold, there will be an initial purchase price of AUD200,000, and a deferred consideration of AUD500,000 if a JORC resource of at least 500,000 ounces of gold is announced, plus the same sum if Flynn Gold obtains a permit to mine, in respect of one or more of the tenements.
Current stock price: 7.29 pence, down 0.08% on Wednesday in London
12-month change: down 50%
By Xindi Wei; xindiwei@alliancenews.com
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Greatland Gold (GGP)