Ora Banda Mining Ltd (ASX:OBM) has successfully completed the sale of four non-core exploration tenements to Beacon Minerals Ltd.
The completion of the Beacon transaction marks a milestone for Ora Banda and the company has received the full consideration of $2.5 million (excluding GST) from Beacon.
Rights retained
Importantly, Ora Banda retains the exclusive right to explore and mine all mineral resources, except for gold and silver, on the tenements – E16/475, E16/483, E16/484 and E16/486.
Ora Banda's wholly-owned subsidiaries, Siberia Mining Corporation Pty Ltd and Carnegie Gold Pty Ltd, facilitated the transaction.
The company has encouraged interested parties to refer to Beacon's announcement, released on June 21, 2023, as well as Ora Banda's original announcement, released on March 21, 2023, for further details on the transaction.
The company also expects to finalise the Lady Ida sale by August 2023, as previously announced on March 16, 2023.
About Ora Banda Mining
Ora Banda Mining is a gold exploration and development company. It is the sole owner of the Davyhurst Gold Project, in the highly productive Eastern Goldfields region of Western Australia.
The project is strategically situated just 120 kilometres northwest of Kalgoorlie, a region known for multiple gold deposits.
With a substantial mineral resource inventory of 2 million ounces at an average grade of 2.5 g/t gold, Ora Banda Mining boasts a significant presence in the region and has established mineral reserves of 276,000 ounces at 1.9 g/t gold.
While primarily focused on gold, the company's tenements also display strong potential for other valuable minerals such as nickel, copper and lithium.