Apollo sells projects for $7m

Apollo Consolidated is selling a portion of its interest in two overseas gold projects, with the proceeds to fund drilling and development studies on its Lake Rebecca project in Western Australia.

West Perth-based Apollo has agreed to sell a 20 per cent stake in each of Exore Resources’ Bagoe and Liberty gold projects, located in Cote d'Ivoire, for $US4.5 million ($A7 million) in cash to Ibaera Capital.

The transaction will bring Apollo’s cash position to around $23.6 million.

The company’s 1.2 per cent royalty over Exore’s Seguela gold project in central Cote d’Ivoire is not included in the sale.

Apollo managing director Nick Castleden says the company intends to focus on building value at its flagship Lake Rebecca project, located about 145 kilometres east of Kalgoorlie.

Lake Rebecca hosts a maiden resource estimate of 1.035 million ounces of gold.

Shares in Apollo were up 5.5 per cent at 12:55pm AEST to trade at 29 cents.