Tertiary Minerals PLC Completion of Sale of Gold Assets (0663A)
March 21 2017 - 6:28AM
UK Regulatory
TIDMTYM
RNS Number : 0663A
Tertiary Minerals PLC
21 March 2017
21 March 2017
Tertiary Minerals plc ("Tertiary" or "the Company")
Successful Completion - Sale of Gold Assets
Further to the RNS dated 05 December 2016, Tertiary Minerals
plc, the AIM traded company building a strategic position in the
fluorspar sector, is pleased to announce the successful completion
of the sale of its non-core gold assets, Kaaresselkä and
Kiekerömaa, in Finland to TSX-V listed Aurion Resources Ltd
("Aurion")
Highlights:
-- The transfer of the Exploration Licences from Tertiary to
Aurion have been successfully completed by the mining division of
the Finnish Safety and Chemical Agency (Tukes) and exchange
approval has been granted by the TSX-V
-- GBP100,000 initial consideration has been paid by Aurion:
GBP15,000 in cash and GBP85,000 in Aurion shares (being 83,072
shares)
-- Tertiary retain pre-production and production royalty
interests in the Kaaresselkä and Kiekerömaa projects
-- Aurion, www.aurionresources.com, is a Canadian listed (TSX-V:
AU) precious metals exploration company primarily focusing on the
development of its Finnish gold projects, several of which are
under a joint venture with B2Gold, a main board listed
(TSX:BTO,NYSE MKT:BTG) gold producer and developer,
www.b2gold.com
-- Aurion has recently announced the discovery of a new bonanza
gold zone, called Aurora at its 100% owned Risti project. The
Kaaresselkä project is located in the same regional deformation
zone to the south of Risti:
133 rock grab samples collected from predominantly large and
angular sub-cropping quartz-tourmaline blocks assayed from nil to
1563.5 g/t Au, including 36 samples which assayed greater than 31
g/t Au (1 ounce per tonne). The average grade of all 133 samples is
74.3 g/t Au.
-- Further information can be viewed at:
www.aurionresources.com/news/2017/aurion-discovers-new-bonanza-gold-zone-at-risti
Commenting today, Managing Director, Richard Clemmey said: "We
are delighted that the completion of the sale has gone smoothly and
given Aurion's exciting new discovery and strategic partnership
with B2Gold in Finland, we are looking forward to potentially
capitalising in the future through our retained shareholding in
Aurion and royalty interest in Kaaresselkä and Kiekerömaa".
Enquiries
Tertiary Minerals plc
Richard Clemmey, Managing
Director
Patrick Cheetham, Executive
Chairman +44 (0) 1625 838 679
SP Angel Corporate Finance
LLP
Nominated Adviser & Joint
Broker
Ewan Leggat/Lindsay Mair +44 (0) 20 3470 0470
Beaufort Securities Ltd
Joint Broker
Elliot Hance +44 (0)20 7382 8300
Retained Royalty Interest Details
Tertiary will retain royalty interest in the Kaaresselkä and
Kiekerömaa projects as follows:
-- Pre-production royalty of US$1.00/ounce gold following the
definition of a NI 43-101 (or equivalent) code compliant Inferred
Mineral Resource Estimate on either project;
-- Pre-production royalty of US$2.00/ounce gold following the
definition of a NI 43-101 (or equivalent) code compliant Indicated
Mineral Resource Estimate on either project
-- Pre-production royalty of US$3.00/ounce gold following the
definition of a NI 43-101 (or equivalent) code compliant Measured
Mineral Resource Estimate on either project
-- Net smelter returns royalty (NSR) of 2% on all future gold production from either property
-- Aurion can purchase 50% of the NSR from Tertiary for
USD$1,000,000 at any time prior to commencement of commercial
production on either project
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement
Notes to Editors
Tertiary Minerals plc (ticker symbol 'TYM') is an AIM-traded
mineral exploration and development company building a significant
strategic position in the fluorspar sector. Fluorspar is an
essential raw material in the chemical, steel and aluminium
industries. Tertiary controls two significant Scandinavian projects
(Storuman in Sweden and Lassedalen in Norway) and a large deposit
of strategic significance in Nevada, USA (MB Project).
CAUTIONARY NOTICE
The news release may contain certain statements and expressions
of belief, expectation or opinion which are forward looking
statements, and which relate, inter alia, to the Company's proposed
strategy, plans and objectives or to the expectations or intentions
of the Company's directors. Such forward-looking statements involve
known and unknown risks, uncertainties and other important factors
beyond the control of the Company that could cause the actual
performance or achievements of the Company to be materially
different from such forward-looking statements. Accordingly, you
should not rely on any forward-looking statements and save as
required by the AIM Rules for Companies or by law, the Company does
not accept any obligation to disseminate any updates or revisions
to such forward-looking statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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