Empire Metals sells stake in Eclipse Mining Lease

(Sharecast News) - Exploration and resource development company Empire Metals has agreed to sell its 75% interest in the Eclipse Mining Lease, a non-core gold asset located near Kalgoorlie, Western Australia. Empire Metals said on Tuesday that the purchaser was "a reputable Western Australian mining services company" operating in the Kalgoorlie region.

The total consideration for the Eclipse Mining Lease was AUD $750,000 (£372,315) in cash for Empire's interest, with the sale supporting the AIM-listed firm's strategy to focus capital and resources on the Pitfield Titanium Project.

Empire added that the agreement also included a three-month exclusivity and due diligence period, during which the proposed purchaser will complete technical and commercial due diligence on the project.

Managing director Shaun Bunn said: "This conditional sale represents a further step in our strategy to streamline the portfolio and focus management attention and capital on advancing the Pitfield Project.

"Eclipse is a non-core asset for Empire, and this transaction provides an opportunity to unlock value while reducing ongoing holding and resourcing costs. We look forward to progressing the due diligence phase with the purchaser."

As of 1045 GMT, Empire Metals shares were down 0.54% at 36.80p.







Reporting by Iain Gilbert at Sharecast.com