16/07/2009 - 10:57

Breakaway's Mt Finnerty interest to Reed

16/07/2009 - 10:57

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Breakaway Resources has sold its Earn-In Rights for the Mt Finnerty Joint Venture to Reed Resources Ltd for a total consideration of 500,000 fully paid ordinary shares.

Breakaway's Mt Finnerty interest to Reed

Breakaway Resources has sold its Earn-In Rights for the Mt Finnerty Joint Venture to Reed Resources Ltd for a total consideration of 500,000 fully paid ordinary shares.

Reed has a 12-month trading range of $0.165 - $0.905 per share.

The shares are not escrowed.

In 2006, Breakaway entered into the Mt Finnerty Joint Venture with privately listed Barranco Resources NL to earn a 60% interest in the project by spending $2 million over 4 years. Located 400 kilometres eastnortheast of Perth, between the towns of Coolgardie and Southern Cross, the project, while possessing nickel prospectivity, is considered to be of a greenfields nature.

Given Breakaway's previously announced strategy of focussing its future exploration activities on its priority projects,and maximising shareholder value for non - core assets, the decision was made to dispose of BRW's interest in the project, whilst retaining exposure to any future upside through a shareholding in RDR.

 

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