THE BOURSE WHISPERER: Perth-based South Korea-focused exploration play Stonehenge Metals has reached an agreement with fellow Western Australian ASX-listed RMG Limited.
The agreement will result in Stonehenge selling off two of its non-core tenements in Tasmania.
Under the terms of the agreement RMG will purchase 100 per cent of the two tenements in question, which are located in the Zeehan district of Tasmania, for a total consideration of $70,000 cash and 20 million RMG shares.
The divestment is subject to the transfer of ownership being approved by the Minister of the Department of Infrastructure, Energy and Resources Tasmania.
“The Tasmanian tenements have not been part of our company strategy to focus on the Uranium, Vanadium and Molybdenum mineral resources in Korea,” Stonehenge Metals managing director Richard Henning said in the company’s announcement to the Australian Securities Exchange.
“We are pleased to have found a company in RMG that will further explore the project in Tasmania whilst Stonehenge retains an indirect interest in the potential upside of their success.”
Stonehenge’s main focus is on developing its multi-mineral project in South Korea.
South Korean Location Map. Source: Company announcement.
The company holds 100 per cent of the rights to three projects in South Korea including the Daejon project, which it claims to contain the largest uranium resource within South Korea at 65.0 million pounds (inferred) grading 320 parts per million uranium equivalent (in accordance with JORC guidelines).