Jan 4 (Reuters) - BMG Resources Ltd BMG.AX :
* Signed a binding term sheet to divest a majority interest in its Cyprus copper and gold project to UK based New Cyprus Copper Company Ltd
* Parties now have a period of 8 weeks to obtain any necessary asx and shareholder approvals
* Says New Cyprus will acquire an initial 70% interest in Treasure Development Limited (TDL)
* Source text for Eikon ID:nASX1vs5zx