Terrain Minerals (ASX:TMX) has banked $700,000 from the sale of the company's Bundarra Gold assets.
This interim payment from SR Mining Pty Ltd leaves an outstanding balance of $6.0 million at $600,000 per year.
The rate of payment of the outstanding money could increase if production commences as 1.0gm per ounce would be received to repay the debt.
Terrain's cash position is now $1.9 million with a further $340,000 to be received when the DMP bond is returned after completion of the associated lease transfers.
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