The company said it will not contribute $9m share of the $30m working capital funding requirement for the Perkoa Project as announced on 5 August 2013.
Blackthorn Resources has hired an independent expert to evaluate whether the transaction is reasonable to shareholders. If the report confirms that the transaction is reasonable, the company will ask shareholders to vote on the transaction.
The company plans to use the proceeds from the sale of Perkoa JV for the Mumbwa exploration permits and ongoing development of its Kitumba Copper project in Zambia.
Blackthorn Resources CEO Mark Mitchell said, "The cash realised from Perkoa will allow Blackthorn Resources to fund a more aggressive exploration programme in Zambia, to initiate the Kitumba Definitive Feasibility Study and to take the time necessary to come to a balanced arrangement with a partner to develop the Kitumba Copper Project."
