Northern Minerals Limited
(ASX:NTU) has completed the sale of its exploration licences in the Tanami region of the Northern Territory. The sale was made to Northern Star Resources
(ASX:NST).
Northern Minerals has received $1.25 million in cash so far, will receive an additional $1.5 million subject to further milestones.
As part of this deal, Northern Minerals will retain the rare earth rights on all ground, and Northern Star will hold the rights to all other minerals including gold.
Northern Star will also gain the gold exploration rights at the Northern Minerals’ Boulder Ridge Rare Earth project in the Tanami region.
Furthermore, Northern Minerals will acquire the rights to rare earth elements in four exporation licences that Northern Star has agreed to acquire from Toro Energy Ltd
(ASX:TOE).
Northern Minerals posted a net loss of $6.7 million at 30 June 2016.
