Great deal for Maximus, Ironstone Well gold sale capped to $4m plus iron sale $500,000 plus 20% tradeable interest retained! So much for the non stock holders saying Ironstone Well wasn't worth anything!- wrong again. MXR said they were looking for a buyer for the surplus project, they have success, plus retained a 20% interest in the iron, :-) "The terms of sale of the 90% interest in the gold project to Orex Mining Pty Ltd (Orex) are a production royalty of $40 per ounce for the first 50,000 ounces production, prepaid for the first 5,000 ounces ($200,000) on a decision to mine. The royalty reduces to $20 per ounce for production between 50,000 and 150,000 ounces. Maximus? total royalty is therefore capped at $4 million. The iron-only rights sale is to a private company, Nemex Ventures Pty Ltd (Nemex) and covers an extensive banded iron formation in exploration tenement E53/1223. The non iron rights in E53/1223 form part of the sale to Orex. In this separate agreement, Maximus will sell 70% of its interest to Nemex for a total consideration of $0.5 million. Payment will be staged with $50,000 on signing, $100,000 in September 2011 and $350,000 in March 2012. Importantly, Maximus retains a 20% exposure to the iron potential. This tradeable interest is carried to a decision to mine"
MXR Price at posting:
2.2¢ Sentiment: Buy Disclosure: Held
