Northwest Resources (ASX:NWR) has entered into an agreement with RSIWA to sell its 50% interest in the Camel Creek Joint Venture with Millennium Minerals (ASX:MOY) in Western Australia.
The sale is conditional on the consent of Millennium to the transfer of the Joint Venture interest and the consent of the WA Minister for Mines to the transfer of certain mining leases.
In September 2013, NWR entered into a $1.93 million royalty financing facility with RSIWA, structured as a loan with repayments linked to a gross royalty over future production from Camel Creek.
Consideration for the sale is $175,000 in cash and the release of the RSIWA loan and security held over NWR’s Blue Spec Shear Gold-Antimony Project, also in Western Australia.
Subject to obtaining the necessary consents, completion of the sale is expected to occur in early August 2014.
