Beacon Minerals sells Barlee gold mining lease to fund acquisitions and explorations

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Beacon Minerals has secured funds to acquire new assets and further exploration of its Barlee Gold Project tenements in Western Australia after selling Mining Lease ML 77/1254 at Barlee to Ramelius Resources for A$4 million and a royalty on any gold produced there.

The deal will bring Beacon’s cash reserve up to about A$5 million, allowing it to continue exploration of several prospective targets at its remaining Barlee tenements, which cover 388 square kilometres, as well as continue current advanced negotiations on project opportunities which are located in geological regions where existing large scale gold resources are present. Royalty on gold produced from ML 77/1254 is A$80 per ounce for the first 40,000 ounces, A$160 per ounce for gold produced from 40,001 to 100,000 ounces and a 2% interest on any gold produced above 100,000 ounces. This will give Beacon total royalty of A$12.8 million on the first 100,000 ounces of gold produced from the...