Poseidon Nickel and GTI Resources, (together the Parties), have agreed to terminate the Windarra Gold Rights Agreement (Deed).
On 24th January 2017, Poseidon Nickel Limited announced to the market the terms of an agreement reached with GTI for the sale of the gold rights on its Windarra tenements including the historic gold tailings.
An ASX announcement on 16th March advised the Company had agreed to extend the due diligence period from 28th March to 28th May 2017 in return GTI agreed to pay a non-refundable extension fee of A$100,000 paid on 28th March 2017.
As GTI has not paid the first consideration amount of $975,000 due under the Deed by 28th May 2017, and the Parties have been unable to agree the terms for a further extension, the Company and GTI have agreed to terminate the Deed.
Poseidon will now consider whether to market the rights to others or exploit the opportunity itself.