ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that further to the announcement of 17 February 2023, the sale of the Company’s ‘Bailieston’ property located at 127 Nagambie-Rushworth Road within the Company’s 100% owned Bailieston license area has now completed, and the Company has now received the settlement balance of A$603,000 (a balance of A$67,000 was received in February 2023).
Highlights:
- Cash sale price of A$670,000 (approximately £360k) agreed for the Nagambie-Rushworth Road property.
- Final balance of A$603,000 now in the Company bank account and will be used to further explore the Company’s Queensland tenements specifically the Lolworth Project (Gold, Lithium/Tantalum/Niobium) and Hurricane (Gold/Antimony).
- ECR is now fully funded for all scheduled exploration activities in 2023.
- Transaction marks the second disposal from selected non-core assets as outlined in the announcement of July 6th 2022.
CEO Andrew Haythorpe commented: “I am pleased to announce the completion of the second in a series of planned disposals of non-core assets as outlined in our strategic plan last July. The funds from the Bailieston property sale will bolster our cash position and ensure we are fully funded to complete our scheduled activities at the Lolworth and Hurricane projects in Queensland this year.”
“Discussions over further asset disposals are continuing and I look forward to providing further updates in due course.”
