Platina Resources (ASX:PGM) sells 30pc interest in Munni Munni to Alien Metals

• Platina Resources (PGM) completes the sale of its 30 per cent interest in the Munni Munni Project to Alien Metals
• The sale consisted of a cash payment of $250,000 and 139 million Alien shares valued at $2.02 million
• The Munni Munni Project lies roughly 40 kilometres south of Karratha in Western Australia and consists of four mining licences and one exploration licence.
• Alien now owns 100 per cent of Munni Munni after it purchased Artemis Resources’ (ARV) 70 per cent holding in December 2021 for $4.9 million
• Platina ends the day in the grey with shares trading at five cents

Platina Resources (PGM) has completed the sale of its 30 per cent interest in the Munni Munni Project to Alien Metals.

The sale consisted of a cash payment of $250,000 and 139 million Alien shares valued at $2.02 million.

The Munni Munni Platinum Group Element (PGE) Project lies roughly 40 kilometres south of Karratha in Western Australia.

It covers a total area 75.9 square kilometres and consists of four mining licences and one exploration licence.

Alien now owns 100 per cent of Munni Munni after it purchased Artemis Resources’ (ARV) 70 per cent holding in December 2021 for $4.9 million.

Listed on the London Stock Exchange, Alien Metals is an exploration and mining project developer focused on precious and base metal projects.

It holds the Hamersley Iron Ore Project, the Elizabeth Hill Silver Project and now Munni Munni.

“This transaction will allow Platina shareholders to share in Munni Munni’s prospective value increase through its Alien shareholding while providing Platina with an injection of new funding to pursue its gold exploration activities in Western Australia,” Managing Director Corey Nolan said.

Platina has ended the day in the grey with shares trading at five cents.