Miramar Resources Ltd (ASX:M2R) has completed the sale of the Garden Gully Project in the Murchison region of Western Australia to Sipa Resources Ltd (ASX:SRI) (FRA:SPO).
This sale consists of the three tenements that make up the project for a cash payment of $50,000 (ex GST) and $100,000 worth of fully paid ordinary Sipa shares – calculated using a 5-day VWAP.
The Sipa shares will be held by Miramar and be voluntarily escrowed for six months.
Company retains exposure
Miramar executive chairman Allan Kelly said the sale of the Garden Gully Project enabled the company to focus its resources on its other, more prospective projects, including the Gidji JV and Glandore projects in the Eastern Goldfields.
He said: “The sale of Garden Gully is in line with our strategy of prioritising our resources towards projects that we believe provide the best opportunity to create shareholder value through discovery.
“By taking shares as part of the sale process, we continue to retain upside exposure should Sipa have exploration success at Garden Gully, or any of their other projects.”