Rincon offloads Laverton assets, plans West Arunta sale or JV
ASX-listed Rincon Resources has entered into a binding agreement to dispose of its Laverton assets in the Eastern Goldfields of Western Australia.
The transaction will allow the company to redirect existing funding towards the Telfer South gold/copper project in the Paterson region and the Crackerbox gold assets in the Murchison Goldfields.
Under the terms of the agreement, Galleon Metals will acquire the Laverton tenements and assume all related exploration costs. In return, Rincon will receive A$500 000 worth of Galleon shares upon the company’s planned initial public offering later this year.
In addition to the Laverton divestment, Rincon advised that it intends to pursue an outright sale or joint venture (JV) of its West Arunta assets. A data room for West Arunta is expected to be made available to interested parties within the coming weeks, with a further announcement to follow once it is open.
Rincon technical director Michael Griffiths said the portfolio reshaping reflected the company’s strategic priorities.
“Telfer South and Crackerbox are both exceptional gold/copper and gold projects, respectively, and have become the focus of our activity and as such, both Laverton and West Arunta have become noncore assets. Our agreement with Galleon Metals to sell our Laverton project in exchange for Galleon shares, ensures we remain involved with these key assets going forward.
“West Arunta is considered to have excellent copper potential, as outlined in the many announcements made to the market last year and we are opening up our data room to prospective sale or JV," said Griffiths.
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