Terrain offloads gold deposit for $3m

West Perth-based explorer Terrain Minerals has sold its Coogee gold deposit near Kambalda for over $3 million to Argonaut Mining Group.

Under the deal, Argonaut will make a series of payments to Terrain totalling $3.25 million with a non-refundable payment of $100,000 due before Christmas.

A minimum of $2.1 million will be paid before the end of next year. The balance will be paid after mining starts.

Terrain said proceeds from the sale will enable the company to maintain its exploration programs at its Bundarra gold project and Aztec nickel project in East Kambalda.