Blackthorn to Sell Interest in Perkoa Zinc Project to Glencore Xstrata

Blackthorn Resources Ltd. (ASX:BTR) announced that it has reached a non-binding conditional agreement under which it will sell its remaining 27.3-percent equity interest in the Burkina Faso-based Perkoa zinc joint venture to Glencore Xstrata plc (LSE:GLEN).

Other highlights include:

• The agreement also includes the sale of Blackthorn Resources’ exploration licences in Burkina Faso.
• Blackthorn Resources will receive up to US$12M cash as consideration for the sale; US$10M for Perkoa and up to US$2M for the exploration tenements.
• Blackthorn Resources will not be required to contribute its US$9M share of the US$30M working capital requirement for Perkoa announced in August 2013.
• The Company believes the settlement represents fair value for its equity in the Perkoa JV.
• Blackthorn Resources is now in a position to focus on the development of its core asset, the Kitumba Copper Project in Zambia.

Click here to read the full Blackthorn Resources Ltd. (ASX:BTR) press release.