Silver Lake Resources Limited (ASX:SLR) has terminated the merger implementation agreement with Phillips River Mining (ASX: PRH).
Silver Lake says the merger was terminated due to some conditions not being satisfied.
The gold producer has now entered into an asset sale agreement to buy the Munglinup Project for $325,000, which is made up of five exploration permits.
Settlement is due later in the year and is subject to a number of conditions.
In the first half of the 2012 financial year, Silver Lake Resources posted a profit of $17.2 million.
