news $$$ sale of sandstone gold project

looks like a good deal for HER.

21June 2004
Companies Announcement Office
Australian Stock Exchange Limited
20 Bridge Street
SYDNEY NSW 2000
Via ASX Online
RE: SALE OF SANDSTONE JOINT VENTURE INTEREST
Herald is pleased to announce that it has accepted an offer from joint venture partner Troy
Resources NL to purchase Herald’s 33% interest in a number of tenements at Sandstone,
Western Australia.
Subject to final satisfactory documentation, Troy will pay to Herald:
- $500,000 cash
- 100,000 Troy Resources NL shares (last sale price $2.62)
- A royalty of $12.50 per ounce on Herald’s deemed share of gold production
(currently 33%) from the tenements after the first 150,000ozs is produced by
Troy. No royalty would be payable by Troy on resources less than 20,000ozs in
size. Total royalty payments to Herald would be capped at $4M.