26.9 C
Belgrade
Supported byspot_img
spot_img

Medgold Resources has signed a binding option agreement to sell a 100% interest in the Tlamino gold project in southern Serbia to MetalsTech

Member of Europium Groupspot_img
Supported byspot_img

Canada-based Medgold Resources said it has signed a binding option agreement to sell a 100% interest in the Tlamino gold project in southern Serbia to Australia-based mining company MetalsTech for 3 million Australian dollars ($2.2 million/1.9 million euro) in cash.

The exclusive option is exercisable by MetalsTech on or before 30 calendar days from the effective date of the agreement and seven calendar days subsequent to MetalsTech advising Medgold that it has completed its due diligence, Medgold said in a statement on Wednesday.

Completion of the acquisition is subject to the satisfaction of certain conditions, including the conversion of the 51% interest in the Tlamino project of Fortuna Silver Mines, a partner of Medgold, to a 1% net smelter return royalty, and regulatory approvals in Canada and Australia, Medgold said.

Supported by

“We are pleased to have the opportunity to monetize Medgold’s Serbian business. If completed, the proceeds of the Tlamino sale will allow us to focus on acquiring and advancing other exploration properties of merit. We’re already actively searching for new precious and base metal projects and I look forward to updating shareholders in due course,” Jeremy Crozier, president and CEO of Medgold, noted.

The Tlamino project is located close to the borders of both Bulgaria and North Macedonia, approximately five hours south of the Serbian capital, Belgrade. The project comprises two exploration licenses, Donje Tlamino and Surlica-Dukat, each approximately 100 square kilometres.

All exploration work at the project is fully-funded by Fortuna, which has an option to earn up to 70% of the project by spending $8 million (7.2 million euro) on exploration over five years.

Supported byElevatePR Digital

Related News

Final legal discussions underway for EU-Serbia lithium trade partnership

Commissioner Maroš Šefčovič revealed that the final legal obstacles are being addressed before the EU-Serbia trade partnership, focused on sourcing lithium from the Jadar...

Balancing Serbia’s lithium wealth with environmental responsibilities

Serbia's aggressive foreign policy stance towards its neighbors is matched by its valuable lithium reserves, estimated to account for about 1.3 percent of global...

Deciphering Rio Tinto’s influence: The mining conundrum in Serbia

In the sphere of Serbian mining, Rio Tinto's possible compensation claims have become a focal point of discussion among politicians, with some treating the...

Continued exploration efforts: Rio Tinto’s pursuit in the Jadar project

The "Jadar project" was officially terminated at the start of 2022, yet Rio Tinto persists in its exploration endeavors with the full backing of...
Supported by
Supported by
Supported by
error: Content is protected !!