Company Announcement: Sale of Northcote Project
Australian mineral resources explorer, Fe Limited, advises that it has completed a conditional sale agreement for its minority equity in the Northcote Gold Project in Far North Queensland to Territory Minerals Ltd.
Northcote Project
The Company has entered into a conditional sale agreement with Territory for its minority equity in the Northcote gold / antimony project, located in north Queensland. The sale is conditional upon Territory successfully listing on the ASX. The Company holds 10% - 15% in two mining tenements which host gold / antimony mineralisation with defined resources, previously determined by Republic Gold Ltd and forms part of a larger project area. Territory intends seeking listing on the Australian Securities Exchange in the near term. The project was previously majority owned and managed by Republic Gold Ltd.
Terms for the sale include:
Issue of 1 million shares in Territory;
Payment of $74,999 upon successful listing, or Territory selling, divesting or disposing of all or some of the project to a third party;
Territory to maintain the tenements in good standing. Territory anticipates listing on the Australian Stock Exchange via an Initial Public Offering early in the early 2013 and has accumulated leases in strategic locations in Northern Queensland containing significant gold inventory. Territory has recently had leases granted in Northern Territory proximal to rare earth and mineral sands discoveries. Territory is headed by mining identity Ron Stanley and Exploration Manager Trevor Jackson.
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