Photo by: Bloomberg
PERTH (miningweekly.com) – ASX-listed junior Chesser Resources is mulling the sale of its Kestanelik gold project, in Turkey, to Turkish company Nurol Holdings for $40-million.
The company has inked a letter of intent to divest of the mining licences, ancillary permits and other assets related to the Kestanelik project.
Chesser told shareholders on Friday that the letter of intent was nonbinding and was subject to the completion of a final due diligence by Nurol and the finalisation of definitive legal agreements, both of which were now well advanced.
In addition, the proposed sale would require Chesser shareholder approval, and would also be conditional upon Nurol receiving routine approval from the Turkish Competition Board.
The Kestanelik project has an indicated resource of 183 000 oz of gold, grading at 3.53 g/t gold and a total resource of 703 000 oz, at 2.15 g/t gold.