The transaction will be undertaken through the sale of 100% of the issued capital in Westernx
Livingstone Gold Project in WA sold for $10m. (Credit: Steve Bidmead from Pixabay)
Kingston Resources Limited (ASX: KSN) (Kingston or the Company) is pleased to announce that it has entered into a binding agreement with Metal Bank Limited (Metal Bank, ASX: MBK) to acquire its 75% interest in the Livingstone Gold Project (Livingstone), located in Meekatharra, WA.
The Transaction represents an opportunity for Kingston shareholders to realise significant value for the exploration work completed at Livingstone to date while retaining significant exposure to its future exploration upside as Metal Bank seeks to expand upon the existing gold resource of 49,900 oz (JORC 2004). Kingston looks forward to becoming a shareholder of Metal Bank and to participating in the future growth of the Livingstone asset as it progresses under their management.
The Transaction will be undertaken through the sale of 100% of the issued capital in Westernx Pty Ltd, a wholly-owned subsidiary of Kingston Resources Limited. Westernx Pty Ltd is the holding company of the Livingstone Gold Project.
Kingston Resources Managing Director Andrew Corbett said: “We are pleased to have reached agreement with a well-credentialed, well-funded and capable counter-party in Metal Bank to divest the Livingstone Gold Project on attractive terms.
“With the increased level of activity that is now underway at the Misima Gold Project as we focus on delivering the DFS and approvals early next year, the Board decided that shareholders would realise greater value through the sale of Livingstone in a structure which incorporated ongoing exposure to the Project’s upside.
“I would like to thank our team for the success they have had at Livingstone in identifying new deposits, enhancing our understanding of the regional geology, and most recently identifying a number of new exploration prospects. We are excited that Metal Bank will be able to take on the exploration opportunity at Livingstone and look forward to seeing what that can deliver.”
Source: Company Press Release