Sale of Mt Cattlin Lithium Tenements
Sydney, June 25, 2018 AEST (ABN Newswire) - Kingston Resources Limited (ASX:KSN) (Kingston or the Company) is pleased to announce that it has agreed the sale of its Mt Cattlin lithium tenements to Galaxy Resources Limited (ASX:GXY) (Galaxy). The transaction is now complete, Kingston will receive $600,000 for the sale, paid 50% cash and 50% Galaxy shares.
- Kingston has sold its Mt Cattlin lithium tenements to Galaxy Resources Ltd for $600,000
With Kingston's focus turning towards the large-scale opportunity at Misima, funding further exploration activity at the WA lithium tenements was no longer a priority for the Company. The sale proceeds will be put towards the drilling underway at Misima.
Kingston is continuing to review strategic options for its NT lithium holdings, where discussions with interested parties are ongoing.
Kingston MD Andrew Corbett commented "Last November's acquisition of the Misima Gold Project signalled a redirection of management focus towards this outstanding opportunity for shareholders. As a result, a strategic review of the lithium portfolio was undertaken to determine how to extract maximum value from those assets. We are now reaching the final stages of that process and are very pleased to have successfully completed the sale of our Mt Catlin lithium tenements. We look forward to providing further updates as the process concludes."
Drilling at Misima is continuing to progress well, Kingston also expects to be reporting assay results from the Livingstone Gold Project drilling shortly.
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About Kingston Resources Limited
Kingston (ASX:KSN) is a metals exploration company. Currently the Company's priority is the world-class Misima Gold Project in PNG, which contains a JORC resource of 2.8Moz Au, a production history of over 3.7Moz and outstanding potential for additional resource growth through exploration success. Kingston currently owns 70% of the Misima Gold Project.
In addition, Kingston owns 75% of the Livingstone Gold Project, WA which holds a 50koz resource and is the site of ongoing exploration and a number of high-grade historic intersections.