Rox banks $15.8m reward February 16, 20176:19pm Newsbites...

Rox banks $15.8m reward
February 16, 20176:19pm

Newsbites Finance

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Rox Resources has received $15.8 million in cash from Canadian resources giant Teck for the sale of its Reward zinc-lead project in the Northern Territory.
The up-front cash payment is expected to be followed by an additional $3,750,000 in deferred cash payments from Teck.
Rox Resources now boasts a hefty cash balance and has identified further exploration at its Fisher East nickel and Collurabbie gold-nickel projects in Western Australia.
Managing director Ian Mulholland said the company is developing a reputation as one of the nation's most active junior explorers, extracting value from its base and precious metals tenements.
"Rox has clearly demonstrated to the market that we can acquire, explore, develop and monetise projects for the benefit of our shareholders," he said.
"The sale of our interest in the Reward project has been our biggest transaction yet, and means that we are now well funded to continue exploration on our exciting Western Australian nickel sulphide projects. It also means that we can make the most of any other opportunities that we identify".
Shares in Rox Resources are trading around 2 cents midway through the day.