Fe Limited (ASX: FEL) has provided some further details on the divestment of Gympie Eldorado Mining in a company update today.
Fe Limited advises that BRI Microfine Pty Ltd, assisted by employees of Gympie Eldorado Mining Pty Ltd, has now completed bulk sampling of tailings at the closed Gympie Eldorado Gold Mine in Queensland.
Completion of the conditional sale agreement for the sale of all the shares in Gympie Eldorado Mining to BRI Microfine, which was announced in April this year, is subject to satisfactory completion of due diligence including test work trials on the tailings.
BRI Microfine has advised Fe Limited that it has received sufficient bulk samples at its laboratory facility in Victoria, where test work trials are now in progress.
As a result of the sampling delays, BRI Microfine has requested and been granted an extension to 31 October 2011 to allow it to complete technical due diligence.