TNG Sold Manbarrum Zinc-Lead-Silver Project to China

An Australian mining and exploration company, TNG (ASX: TNG), has sold its Manbarrum Zinc-Lead-Silver Project.  The company which had the exploration projects in the Northern Territory has sold it for US$8.5 million in cash to a privately owned Chinese resource company, Teng Fei Mining Ltd.

The press release is quoted as saying:

Paul Burton, managing director of TNG said the agreement will enable TNG to realise immediate value from the Manbarrum asset, while retaining future upside exposure via the royalty to the development of the zinc-lead-silver resources defined on the tenements.

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