Gold and platinum producer Pan African has agreed to sell its Manica Gold Project to Auroch Minerals Mozambique, a wholly owned subsidiary of Terranova Minerals, to retain its focus on the development of its South African based operating assets.
The exploration project, which is situated in central Mozambique, was sold for a consideration of AUD 6.0m, equal to around £4.0m, paid in cash and 96.67m Terranova shares in several tranches dependent on the achievement of certain milestones, including resource estimates, the completions of a bankable feasibility study and resources upgrades.
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