Aragon Resources Limited (ASX:AAG) Completed Sale of Territory Phosphate Pty Limited To Rum Jungle Resources Limited (ASX:RUM)
Perth, Feb 9, 2011 AEST (ABN Newswire) - Aragon Resources Limited (
ASX:AAG) ("Aragon") advises that it has completed the sale of its 100% wholly owned subsidiary, Territory Phosphate Pty Ltd to Rum Jungle Resources Ltd (ASX:RUM) ("Rum Jungle") for a total consideration of A$1,000,000 cash and 16,000,000 fully paid ordinary shares in Rum Jungle currently trading at A$0.455 per share.
Aragon now has an 11.2% interest in Rum Jungle which gives Aragon significant additional exposure to the exciting and broader commodity base of potash, phosphate, uranium and base metals assets of Rum Jungle.
Aragon retains a core focus on the development of a multi-mine gold operation targeting 100,000 oz per annum over 10 years at its key asset the Central Murchison Gold Project in Western Australia.
About Aragon Resources Limited
Aragon Resources Limited (ASX:AAG) is an Australia-based gold, nickel and phosphate exploration company. The principal activity of the Company is the exploration of minerals. Aragon has exploration tenements in Western Australia and the Northern Territory.
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