TIDMTYM
RNS Number : 8874Q
Tertiary Minerals PLC
05 December 2016
Tertiary Minerals plc ("Tertiary" or "Company")
5 December 2016
Sale of Non-Core Gold Assets
Tertiary Minerals plc, the AIM traded company building a
strategic position in the fluorspar sector, is pleased to announce
the sale of its non-core gold assets, Kaaresselkä and Kiekerömaa,
in Finland to TSX-V listed Aurion Resources Ltd.
Highlights:
-- The Company has sold its non-core gold assets, Kaaresselkä
and Kiekerömaa, in Finland to Aurion Resources Ltd ("Aurion"),
www.aurionresources.com
-- Aurion 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 listed (TSX:BTO,NYSE MKT:BTG) gold producer and
developer, www.b2gold.com
-- GBP100,000 initial consideration to be paid by Aurion:
GBP15,000 in cash and GBP85,000 in Aurion shares
-- Tertiary will retain royalty interest in the projects:
Ø 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
Ø 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
Ø 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
Ø Net Smelter Returns Royalty (NSR) of 2% on all future gold
production from either property
Ø 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
-- The sale is conditional upon successful transfer of the
Exploration Licences for each project from Tertiary to Aurion (to
be handled by the mining division of the Finnish Safety and
Chemical Agency (Tukes)) and exchange approval by the TSX-V.
Commenting today, Managing Director, Richard Clemmey said: "We
are delighted to have sold our two legacy gold projects to an
accomplished gold explorer. We wish Aurion every success with the
development of the projects and look forward to potentially sharing
the future upside through our retained royalty interest".
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/Laura Harrison +44 (0) 20 3470 0470
Beaufort Securities Ltd
Joint Broker
Elliot Hance +44 (0)20 7382 8300
Historic Information
Both projects, Kaaresselkä and Kiekerömaa, have been previously
drilled by the Geological Survey of Finland (GTK) and Tertiary.
Significant gold mineralisation was encountered in the various
drilling programmes therefore highlighting the future potential for
the projects. Further information on the projects can be viewed
through the Company's website:
http://www.tertiaryminerals.com/projects/gold-projects/kaaresselka-gold-project
http://www.tertiaryminerals.com/projects/gold-projects/kiekeromaa-gold-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 Pursuant to Schedule 4 of the AIM Rules
1. Intangible asset value of Kaaresselkä and Kiekerömaa on 30
September 2016: GBP444,622
2. Aurion consideration shares will be held by Tertiary for a
minimum period of four months and one day following issue, a
requirement of National Instrument 45-102, Part 2, Section 2.5 (2)
3(ii), under Canadian Securities Law.
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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