West Wits sells SA asset to develop Papua gold project
Wednesday, May 16 2012 - 02:55 AM WIB
By Alexander Ginting
ASX-listed junior firm West Wits Mining Limited announced Tuesday it has finalized the sale of part of its South African exploration assets for A$9 million to Mintails Limited.
An initial $2 million upfront payment will now be released within 7 days with further milestones payment to be made.
This transaction will secure West Wits? working capital position and allow it to continue to develop its Derewo River Gold Project in Papua.
The Derewo River project area extends over approximately 129,000 hectares located within 110km of Freeport?s Grasberg copper-gold complex in the central highlands of Papua Province.
Editing by David Mustakim