Golden Cross Resources sells Cargo Gold Project for $500,000

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Image credit: www.goldencross.com.au

Australian based mineral exploration company Golden Cross Resources (GCR) has agreed to sell its 100%-owned Cargo Gold Project to Agricultural Equity Investments (AEI) for a total of $500,000.

Image credit: www.goldencross.com.au
Image credit: www.goldencross.com.au

The Cargo Project is located 12km west of the Cadia Valley gold-copper mining operations of Newcrest Ltd in a similar geological setting.

Golden Cross said the divestment from the Cargo Project was in line with the company’s strategy to focus its attention on the Copper Hill Porphyry Copper-Gold Project and to contribute to its immediate cash requirements of ongoing exploration and working capital.

“Funds obtained from this transaction will be applied to ongoing exploration of the Company’s remaining exploration portfolio, details of which are available in the September Quarterly Report released to ASX on 31 October 2016 and in the Company’s Annual Report for 2016,” Golden Cross told the ASX.

Adertisement

The transaction is expected to be completed by early 2017.