Codrus sells gold rights from Australia project to FMR Investments
Published by Jane Bentham,
Editorial Assistant
Global Mining Review,
Codrus Minerals has announced that it has executed a binding sale agreement with FMR Investments Pty Ltd (FMR) in respect to the tenements that make up the Silver Swan South Project, located approximately 40 km north-east of Kalgoorlie in Western Australia.
The Silver Swan South Project, which is prospective for nickel, base metals and gold, is located approximately 2 km from FMR’s Gordon Sirdar gold mine, which hauls gold ore for processing to their Greenfields Mill in Coolgardie.
Codrus Managing Director, Shannan Bamforth, commented: “The agreement to divest the gold rights at Silver Swan South to FMR Investments represents a sensible and logical rationalisation of our portfolio. As an operating mining company with a gold mine situated close by, FMR is the logical partner for us to team up with to explore for and develop any gold discoveries at Silver Swan South. The transaction crystallises US$300 000 in cash to strengthen our treasury position to US$1.9 million to underpin ongoing exploration activities, with Codrus also retaining exposure to future upside from production via a 2.5% NSR royalty. At the same time, Codrus retains the rights to explore for nickel and base metals at Silver Swan South.”
Read the article online at: https://www.globalminingreview.com/mining/02022024/codrus-sells-gold-rights-from-australia-project-to-fmr-investments/
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