Sale of Meekatharra assets
The Company has today completed the sale of its Meekatharra assets to Mercator Gold plc (Mercator) for valueof AUD$21M [USD$15.8M].
The consideration for the sale comprised:
Cash $5M
Assumption of environmental bonds $3M Value of shares in Mercator @ UK 50p per share=$ 13M
The number of Mercator shares issued to the Company is 11,016,949. The shares will be held in escrow for 12 months, and represent approximately 24.4% of Mercator’s fully diluted issued capital.
Eduard Eshuys Managing Director & CEO 31 January 2006
G:\Corporate\Co Sec\ASX and AIM\2006\060121 Sale of Meekatharra assets.doc
sale of meekatharra assets for $21m
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