08/10/2008 - 12:49

Centaurus sells Australian projects

08/10/2008 - 12:49

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West Perth-based Centaurus Resources Ltd has offloaded most of its Australian assets to Clancy Exploration Ltd for $300,000 in a bid to focus on its portfolio of projects in Brazil.

Centaurus sells Australian projects

West Perth-based Centaurus Resources Ltd has offloaded most of its Australian assets to Clancy Exploration Ltd for $300,000 in a bid to focus on its portfolio of projects in Brazil.

Centaurus said it will sell 11 project in New South Wales and one project in Western Australia. The company will retain the Dish project in NSW.

Under the deal, Centuarus will receive 3.33 million Clancy shares at 9 cents each and 1.25 million options with an exercise price of 20c apiece, expiring on September 30 2011.

"The sale of the Company's Australian copper-gold assets will allow Centaurus to focus its exploration and development efforts on the execution of our exciting carbon steel strategy in Brazil," Centaurus managing director Mark Papendieck said.

"The opportunity presented by our current projects and strategy is such that an Australian copper-gold focused explorer such as Clancy Exploration is better placed to devote the necessary time and attention to these Australian copper-gold tenements.

"By retaining an equity interest in Clancy, an experienced NSW focused explorer, our shareholders will benefit from any future exploration success on the current Clancy exploration portfolio and the increased exploration attention that the sale tenements will attract and deserve."

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