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"
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- iron+ gold sale at ironstone well $4m,.5m +20%
iron+ gold sale at ironstone well $4m,.5m +20%
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3.1¢ |
Change
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Mkt cap ! $13.26M |
Open | High | Low | Value | Volume |
3.0¢ | 3.3¢ | 3.0¢ | $15.32K | 494.9K |
Buyers (Bids)
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2 | 132814 | 3.1¢ |
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Price($) | Vol. | No. |
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3.4¢ | 575000 | 2 |
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1 | 211102 | 0.030 |
1 | 421034 | 0.029 |
2 | 95770 | 0.026 |
1 | 39999 | 0.025 |
Price($) | Vol. | No. |
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0.034 | 575000 | 2 |
0.035 | 25000 | 1 |
0.037 | 53268 | 1 |
0.038 | 300441 | 1 |
0.039 | 335923 | 2 |
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