Fe Limited (ASX: FEL) has sold its minority equity in the Northcote gold / antimony project,
located in Far North Queensland to Territory Minerals Ltd.
Worth noting Tony Sage is the Fe Limited Non-Executive Chairman.
Terms of the sale include; Issue of 1 million shares in Territory; Payment of $74,999 upon successful listing, or Territory selling, divesting or disposing of all or some of the project to a third party; and Territory to maintain the tenements in good standing.
Territory Minerals is looking to list on the ASX in early 2013.
The Northcote Project: Sale conditions
Fe Limited has entered into a conditional sale agreement with Territory for its minority equity in the - and the sale is conditional upon Territory successfully listing on the ASX.
The company holds 10% - 15% in two mining tenements which host gold / antimony mineralisation with defined resources, previously determined by Republic Gold Ltd and forms part of a larger project area.
The project was previously majority owned and managed by Republic Gold Ltd.
Fe Limited key projects
Fe Limited has a portfolio of key projects and interests, including the; Mt Ida Iron Ore Project;
Mt Elvire Iron Ore Project; Crossroads, Bardoc and Grafters Gold Projects; Kalgoorlie Regional Gold Project; and Kalgoorlie Regional Nickel Project.
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