26/06/2006 - 12:59

West Australian Metals finalises A1 deal

26/06/2006 - 12:59

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Perth-based resources and exploration company West Australian Metals Ltd today announced the finalisation of the sale of the group's Duketon Belt gold exploration properties in the Laverton and Leonora area to Osborne Park-based A1 Minerals Ltd.

Perth-based resources and exploration company West Australian Metals Ltd today announced the finalisation of the sale of the group's Duketon Belt gold exploration properties in the Laverton and Leonora area to Osborne Park-based A1 Minerals Ltd.

The deal, which was announced on 5 December last year, gives WA Metals subsidary Bronzewing Gold Ltd $100,000 and 2 million ordinary fully paid shares in A1, to be held in escrow for 12 months.

A1 managing director John Williams said in a report to the ASX that the six deposits gave the company the potential to be a high grade producer, with feasibility studies of treatment options currently underway.

WA Metals also entered into an agreement to sell its Perseverance project, 30 km east of Leonora, on December 15 last year to Mazzelli Holdings Ltd, a subsiduary of Navigator Resources Ltd, in exchange for 500,000 ordinary fully paid shares .

In a letter to the ASX, WA Metals technical director and chief executive officer Leon Reisgys said the disposal of the Duketon Belt and Perseverance properties would enable the company to focus on its new project acquisitions.

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