West Australian gold explorer Artemis Resources (ASX: ARV) has provided an update on its ongoing non-core asset disposal programme.
· Artemis is pleased to report its ongoing programme of non-core asset disposals has yielded a further ~A$2.3m in cash, comprising A$1.75m already settled and A$550,000 that moved to financial close on November 6th.
· Adds significant additional financial resources to further invest in its ongoing explorations programmes at Carlow Castle and Paterson Central. The current diamond drilling campaign at Carlow Castle has already been substantially extended based on encouraging drill core observations, with first drill results expected to be announced shortly.
· Negotiations regarding further non-core asset disposals are continuing and expected to result in more cash inflows before year end.
· Total cash from the non-core asset disposal programme since March are in excess of A$9m.
Alastair Clayton, Executive Director commented: “As flagged in our recent Quarterly Report, I am pleased to advise shareholders that asset disposals to yield approximately A$2.3m are either in treasury or in the process of closing over the coming days.
“This nondilutive funding will only further strengthen our financial capacity as we continue with our aggressive exploration activities across our Pilbara gold-copper portfolio.
“With the first drill results due very soon from Carlow Castle drilling we expect a very busy reporting period from both of our active projects leading into the Christmas period and beyond.”