PepinNini Minerals (ASX: PNN) has agreed to sell six tenements it currently holds in North Queensland - which is part of the company's strategy to divest non-core assets.
PepinNini will now concentrate its exploration efforts on its key projects in the Musgrave Province of South Australia and to progress its Argentinean Project.
PepinNini will receive $850,000 for the sale of the tenements in two instalments, with the first of $600,000 on completion of usual conditions precedent for such transactions and the second of $250,000 to be paid on or before 31st March 2013.
The tenements cover 310 square kilometres near Forsayth and Georgetown, and will be acquired by JKO Mining Pty Ltd - who are the new owners of the Georgetown gold processing plant.
JKO Mining already holds the rights to several mining leases located within the exploration tenements subject of the transaction and the acquisition of the exploration rights for the surrounding areas will afford greater flexibility for their development plans.
PepinNini's other projects
PepinNini holds an interest in 33 exploration tenements covering 14,667 square kilometres in the Curnamona and Musgrave Provinces of South Australia.
The company also has four granted exploration leases, one granted mining lease and applications for exploration leases and a mining lease covering 300 square kilometres in the Argentine province of Salta.
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