- White Cliff Minerals is selling its Aucu Gold-Copper Project to a Hong Kong company Pangea Gold Corporation for US$1.8 million
- The agreement includes two cash payments
- Hoping to close the agreement by September 30
White Cliff Minerals is selling its Aucu Gold-Copper Project to a Hong Kong’s company Pangea Gold Corporation for US$1.8 million.
The agreement includes two cash payments. The first payment of US$1.6 million at the transaction agreement.
The second payment of US$200,000 in cash upon the renewal of the Aucu exploration license which expires December 22 2020.
Aucu is located in Central Asia in the Kyrgyz Republic, 350km west of the capital Bishkek. The project covers 57km2.
The project contains nearly 500,000 ounces of gold and 64,000 tonnes of copper.
Pangea Gold Corporation is a private company registered in Hong Kong. It has a gold tailings reclamation operations at Vatukoula project in Fiji.
White Cliff Minerals is an Australian exploration company based in Perth, Western Australia and has projects around WA.
Upon completion of the due diligence, Pangea will submit an unconditional binding offer to White Cliff by August 31 2019.
After the unconditional binding offer both companies are hoping to work closely together to close the transaction by September 30 2019.