ASX-listed exploration and development company Kingston Resources has reached an agreement to sell its 75% interest in the Livingstone Gold Project in Western Australia to Metal Bank for up to $10 million in cash, shares and milestone payments.
Kingston Resources Managing Director Andrew Corbett said the transaction represents an opportunity for Kingston to realise significant value for the exploration work completed at Livingstone to date while retaining significant exposure to its future exploration upside as Metal Bank seeks to expand upon the existing gold resource of 49,900 oz.
“We are pleased to have reached agreement with a well-credentialed, well-funded and capable counter-party in Metal Bank to divest the Livingstone Gold Project on attractive terms,” Mr Corbett stated.
“With the increased level of activity that is now underway at the Misima Gold Project as we focus on delivering the DFS and approvals early next year, the Board decided that shareholders would realise greater value through the sale of Livingstone in a structure which incorporated ongoing exposure to the Project’s upside.
“I would like to thank our team for the success they have had at Livingstone in identifying new deposits, enhancing our understanding of the regional geology, and most recently identifying a number of new exploration prospects.
“We are excited that Metal Bank will be able to take on the exploration opportunity at Livingstone and look forward to seeing what that can deliver.”