West Australian focused gold exploration and development company Rox Resources (ASX: RXL) is pleased to advise that it has reached agreement with Teck Australia Pty Ltd (“Teck”) to bring forward a deferred cash settlement due to Rox from the sale of Rox’s interest in the Reward Zinc-Lead Project.
- Rox to receive A$3.1m in September 2021 from Teck
- Funds to be invested to progress drilling and studies at Youanmi
Rox completed the sale of its interest in Reward Zinc-Lead Project in February 2017 and as part of the consideration $3.75m is due to Rox at the earlier of the completion of a Bankable Feasibility Study or 6 years, being 16 February 2023.
Rox and Teck have now agreed to settle the deferred cash consideration for A$3.1m, payable to Rox by 1 September 2021.
The funds will be utilised to further progress drilling activities and Feasibility studies into the potential restart of mining at Youanmi.
Managing Director Alex Passmore commented:
“With the deferred consideration from Teck brought forward to 1 September 2021 Rox is in a strong position to fund its exploration activities to achieve ongoing resource growth at Youanmi. We are pleased that we have been able to strike a pragmatic revised agreement with Teck delivering an outcome which works for both companies.”