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    market news

    Troy Resources Sells Sandstone Property, Keeps Nickel Rights

    Investing News Network
    Aug. 15, 2012 02:49PM PST
    Base Metals Investing

    Mining Weekly reported Troy Resources (TSX:TRY,ASX:TRY) has sold its defunct Sandstone property, but retained its nickel rights at the mine.

    Mining Weekly reported Troy Resources (TSX:TRY,ASX:TRY) has sold its defunct Sandstone property, but retained its nickel rights at the mine.

    As quoted in the market news:

    Under the terms of the agreement, Troy would receive A$5-million in cash, of which around A$2.5-million would replace the environmental bonds on the property, as well as a 2% uncapped net smelter return royalty on all non-nickel production from the site, as well as the issue of 43.66-million warrants for Southern Cross shares, equivalent to 15% of the company’s issued share capital, at a strike price of 10c a share, over a five-year term.

    The agreement excluded all nickel interest from the Sandstone property, which was placed on care and maintenance during 2011.

    Click here to read the full Mining Weekly report.

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