Zenith Minerals (ASX:ZNC) entered into a non-binding heads of agreement with Gubretas Maden for the sale of its remaining 20% stake in the Kavaklitepe gold project in Turkey for a total consideration of $543,000, according to a Tuesday Australian bourse filing.
The companies agreed to proceed with formal transaction documents, and completion of the deal is expected in the June quarter.
The deal is subject to approval from the Turkish Ministry of Energy and Natural Resources.
Zenith Minerals will use the proceeds to expand its drilling campaign at the Dulcie Far North gold project in Western Australia and advance exploration at the Red Mountain gold project in Queensland.
The company's shares fell nearly 2% in recent trading on Tuesday.
Price (AUD): $0.05, Change: $-0.00100, Percent Change: -1.96%
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