Terrain Minerals (ASX: TMX) has sold the Coogee gold deposit to Colton Resources in a deal involving cash, along with a scrip component in the Colton IPO.
Total consideration is around $750,000, and comprises $300,000 in a non refundable deposit, $150,000 when Colton lists on the ASX, along with 1.5 million Colton shares.
The scrip component is conditional of Colton listing before the end of the March quarter 2012.
The Coogee Gold Deposit is located 20 kilometres north-east of Kambalda, and already hosts an Inferred Resource of 277,500 tonnes at 3.91 grams per tonne gold.
Post the sale, Terrain will transition the company focus on nickel exploration at Aztec Dome in the East Kambalda area of Western Australia, with a diamond drilling campaign forecast to kick off later in the year.