Platina completes Munni Munni sale
PERTH (miningweekly.com) – Junior Platina Resources has completed the sale of a 30% interest in the Munni Munni platinum group metals (PGMs) project, in Western Australia, to Aim-listed Alien Metals.
The ASX-listed Platina in November last year signed a binding heads of agreement to sell a stake in the Munni Munni project to Alien Metals for A$0.25-million in cash and A$1.98-million in Alien shares.
Alien is an exploration and mining project developer focussed on precious and base metal projects including the Hamersley iron-ore project, Elizabeth Hill silver project and the surrounding Munni Munni exploration permits, all located within the Pilbara region of Western Australia, as well as two silver projects and a copper/gold project in Mexico.
Platina told shareholders that Alien’s acquisition of the 30% interest in Munni Munni with create a platform to consolidate the Elizabeth Hill and Munni Munni districts which are prospective for precious metals and PGMs.
MD Corey Nolan said the value of its minority and non-operated interest in Munni Munni was not reflected in its market capitalisation and the sale provided a way of unlocking this value.
“This transaction will allow Platina shareholders to share in Munni Munni’s prospective value increase through its Alien shareholding while providing Platina with an injection of new funding to pursue its gold exploration activities in Western Australia,” he said.
Nolan said Alien was well funded and its planned investments in drilling and technical studies across its portfolio of projects would hopefully enhance the value of its shareholding over the next twelve months.
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