Perth, Feb 11, 2009 AEST (ABN Newswire) - Terrain Minerals Limited (ASX:TMX) announced the completion of an agreement to sell the Coogee Gold Deposit to the Argonaut Mining Group NL for a series of staged payments.
Argonaut Mining Group NL failed to meet the initial payment schedule and it was announced in the December 2008 Quarterly Report that the payment schedule was being re-negotiated. Those negotiations have been ongoing; but today, 11 February 2009 Argonaut has informed Terrain that the necessary finance cannot be confirmed.
As a result the sale agreement has now been terminated.
Other parties have indicated interest in the Coogee Gold Deposit and discussions regarding a future sale will continue. Terrain recently (9 February 2009) completed a rights issue and raised A$553,000. Terrain's cash position as at 11 February 2009, is in excess of A$650,000, plus bonds of A$334,000; a total approaching A$1 million.
Contact
Mr. Keith Wells
Managing Director
PH: +61-8-9481-2455
EM: terrain@terrainminerals.com.au
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