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22 Dec 2015 10:02
22 December 2015
Tri-Star Resources plc
("Tri-Star" or the "Company")
Disposal of Golden Pike
Tri-Star announces that it has reached agreement with Globex Mining Enterprises Inc. ("Globex") for the sale of Tri-Star's interests in the Devil's Pike gold discovery in New Brunswick, Canada (also known as Golden Pike). The deal comprises 119 of the 124 claims owned by Tri-Star comprising the Devil's Pike claim group. The five excluded claims cover the Bond Road antimony target and are being retained by the Company. As consideration, Tri-Star will receive 350,000 Globex shares and potential future royalty payments on production. The transaction is subject to customary closing conditions and is expected to be completed in January 2016.
Commenting on the transaction, Guy Eastaugh, Chief Executive Officer, said: "We are pleased to have reached agreement on the sale of these claims, in the process realising value for Tri-Star shareholders for assets no longer core to the business. In so doing, we are retaining the Bond Road claims considered strategically important to the adjacent Bald Hill antimony discovery".
Enquiries:
Tri-Star Resources plc Guy Eastaugh, Chief Executive Officer
| Tel: +44 (0) 20 3470 0470 |
SP Angel Corporate Finance (Nomad and Broker) Robert Wooldridge / Jeff Keating | Tel: +44 (0) 20 3470 0470 |
Yellow Jersey PR Limited (Media Relations) Dominic Barretto / Alistair de Kare-Silver
| Tel: +44 (0) 7738 076304
|
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