24/08/2020 - 17:00

Titan sells non-core assets for $9m

24/08/2020 - 17:00

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Subiaco-based explorer Titan Minerals has agreed to sell its non-core assets in Peru for $US6.4 million ($A8.9 million) to focus on developing its gold and copper projects in Ecuador.

Titan sells non-core assets for $9m
Titan says it will focus on its flagship Dynasty gold project and Copper Duke project in Ecuador. Photo: Titan Minerals

Subiaco-based explorer Titan Minerals has agreed to sell its non-core assets in Peru for $US6.4 million ($A8.9 million) to focus on developing its gold and copper projects in Ecuador.

The sale follows a strategic review of Titan’s consolidated operations and includes the Coriorcco and Las Antas projects, which will be sold to Canada-based Western Pacific Resources for $US1.65 million ($A2.3 million) in cash and 4.25 million Western Pacific shares.

Titan will be granted a 1 per cent net smelter return (NSR) over the 2,000-hectare Coriorcco property if Western Pacific excises its option to acquire a sole interest in the project.

Titan is also selling its Vista gold plant to private investment group S.A.C. for $US3.5 million ($A4.9 million) in cash.

The plant is located about 470 kilometres south of Lima, and has a nameplate capacity of 150 tonnes per day.

The total funds received will go towards ongoing exploration at Titan’s flagship Dynasty gold project and Copper Duke project in Ecuador, which managing director Laurie Marsland said would be the company’s focus onward.

Titan will retain exposure to both the Coriorcco and Las Antas projects, he said.

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