Heron sells gold assets for $400k

West Perth-based Heron Resources will sell its Kalgoorlie gold assets to Metaliko Resources for $400,000 cash and a stake in the company when Metaliko lists on the local bourse.

Heron today said it had entered into an option deal with the James Searle-led Metaliko, whereby $40,000 has been paid for consideration of the agreement.

Once Metaliko lists, the exercise price of $360,000 is payable by Metaliko to Heron along with the issue of 8 million fully paid shares and 8 million options exercisable at 20 cents each.

Heron will divest 126 tenements in the Kalgoorlie gold package to Metaliko but will retain nickel rights on 20 of the tenements.

Metaliko will focus on the Anthill prospect, with Heron already identifying a good resource potential.

Shares in Heron closed down one cent to 26c today.