Corazon Mining Limited (ASX:CZN) (“Corazon” or “the Company”) announces that it will not continue with the option to acquire private company Border Exploration Pty Ltd (“Border”) which owns the Top Up Rise Project (“TUR” or “the Project”) in Western Australia.
The decision to withdraw from the agreement has been made in consideration of the below:
- Continuing with the option to acquire the Project required a cash payment of $200,000 and future work commitment of $4,000,000 over next 4 years.
- Results to date do not warrant the continuation of expenditure as defined by the agreement and no variation of the agreement was reached which was compatible to both parties’ requirements.
In light of this decision not to proceed with TUR, Corazon is actively seeking new business opportunities, and a number of new business opportunities are currently being assessed.
For further information please download PDF attached: