Central Iron Ore: Sale of British King and Eureka Gold Mines
Central Iron Ore Limited (TSX VENTURE:CIO) reported that the company has entered into an Option and Asset Sale Agreement with Natural Resource Investments Pty Ltd, for sale of its British King and Eureka gold mines for CAD$4 million.
Central Iron Ore Limited (TSX VENTURE:CIO) reported that the company has entered into an Option and Asset Sale Agreement with Natural Resource Investments Pty Ltd, for sale of its British King and Eureka gold mines for CAD$4 million.
The press release is quoted as saying:
The sale of Assets will initially raise CAD$500,000 for additional working capital and a further $500,000 within 12 months and a further CAD$3 million within 4 years. Sale of the Assets will provide funds to support the Company’s strategy of acquiring projects for iron ore exploration in Australia and development of its Tanzanian uranium assets.