Beacon's Barlee boost
3rd Feb 2012
PERTH, Feb 3 – Beacon Minerals says the A$4M sale of its 80% interest in Mining Lease ML 77/1254 at the Barlee gold project will allow it to step up its work on the remaining Barlee tenements.
With its primary focus on the project in the Murchison District of Western Australia, Beacon is in advanced negotiations on project opportunities in the region. The company plans to release further details on its planned activities in coming weeks.
In addition to the $4M reimbursement of exploration expenditure, purchaser Ramelius Resources will pay Beacon a royalty between $80 per ounce and 2% of the gold produced from the lease. The sale agreement is subject to approval by shareholders.
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