Resource exploration and development company Artemis Resources has agreed to sell its interest in the Amitsoq graphite project in Greenland to UK’s Alba Resources for A$245,000.
Artemis’ Executive Chairman, David Lenigas said the proceeds of the sale will be used to further develop the company’s growing gold, platinum, base metals and cobalt interests in the West Pilbara.
“Greenland was considered by the board to be a distraction from the Company’s main focus of developing its exciting West Pilbara gold, platinum, copper and cobalt assets and the funds received from this sale will be targeted at accelerating or Pilbara activities and a potential move in to the lithium sector,” he said.
The UK-based exploration company previously earned the right to acquire a 49% interest in the Amitsoq graphite project in Southern Greenland pursuant to its existing farm-in agreement in relation to the Project.
That agreement between the two parties is now terminated and is superseded by the new share sale and purchase agreement.