Wednesday, 29th October 2008 (346 views)

Rex Minerals has announced that it has sold its exploration licences and assets for projects in Victoria, Australia.

The company has sold its Victorian gold mining operations at St Arnaud and Creswick North for a total of $1.48 million (£924,000) to a privately-held business, but has not disclosed details of the buyer.

Steve Olsen from Rex Minerals said that the sale was a snap decision as the firm has "too many gold projects to manage" and was approached with an offer for the Creswick and the St Arnaud projects.

Rex Minerals now intends to consolidate the ownership of its other interests in order to strengthen its gold mining operations and improve management of its current assets.

The company's quarterly report for the three months to the end of September 2008 revealed that the Hillside copper-gold project advanced considerably and work is well underway at Mount Carrington to complete an updated resource estimate.

 

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