Completion of Sale of Yalgoo Project
Perth, July 1, 2021 AEST (ABN Newswire) - Venus Metals Corporation Limited (
ASX:VMC) is pleased to announce it has finally received settlement funds for the sale of its 50 % interest in the Yalgoo Iron Ore Project to FI Joint Venture Pty Ltd (FIJV) (refer ASX announcement 6 June 2019). The funds held in escrow have been released to Venus as conditions precedents for this type of sale have been satisfied which included FIRB approval.
Following the settlement, the Company has a healthy cash balance of approximately $7,300,000 and maintains its shareholdings in Rox Resources Ltd (ASX:RXL) and EMetals Ltd.
The Company looks forward to receiving results from its JV Partner Rox Resources in regards to regional gold exploration at Youanmi in the VMC JV (50% contributing) where reviews have identified compelling regional anomalies where the VMC Joint venture is exploring for Penny West style deposits.
About Venus Metals Corporation Limited
Venus Metals Corporation Limited (ASX:VMC) is a West Australian based Company with a focus on gold, base metals, vanadium and lithium exploration projects. The Company aims to increase shareholder value through targeted exploration success on its projects.
The Company's major gold project is the Youanmi Gold Mine, located 500km north-east of Perth. The Youanmi Gold Mine is now jointly owned by Venus Metals (30%) and Rox Resources Limited (70%); Indicated and Inferred Resource of the mine is in excess of 3 million ounces of gold.
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