West Australian gold explorer Artemis Resources (ASX: ARV) has executed a binding sale agreement with Northern Star Resources (ASX: NST) for the sale of the company’s interests in the Mt Clement Gold Project (ARV 80% and NST 20%) for $344,000, subject to Ministerial Consent. On completion of the Transaction, the current joint-venture agreement between Artemis and Northern Star will terminate, with the Artemis retaining a 1% Net Smelter Royalty (NSR).
HIGHLIGHTS:
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Artemis executes a binding sale agreement for the Mt Clement Gold Project to Northern Star Resources Limited (ASX:NST).
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Terms include A$344,000 in cash and Artemis to retain a 1% NSR.
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Deal subject to standard Ministerial Consent.
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Represents another step in the ongoing Artemis non-core project divestment programme.
Alastair Clayton, Executive Director commented; “We would like to thank Northern Star for their partnership on this project as part of the joint venture and wish them all success in moving the project forward to a production scenario where Artemis may further benefit via our retained 1% net smelter royalty.
“This transaction represents another step in our ongoing non-core project divestment programme.”
