Australian Mines sells Mt Martin for $7.5m

Australian Mines Limited today completed the $7.5 million sale of its Mt Martin gold project to Alacer Gold subsidiary HBJ Minerals.

The company said in a statement it had received an initial payment of $2.5 million, with an additional $5 million to be received over the next 18 months.

Australian Mines CEO Benjamin Bell said the divestment allowed the company to focus wholly on its West African gold assets in Nigeria.

“Furthemore, the payment of the second and third instalments totalling $5 million from the Mt Martin divestment sale ensures the company’s extensive exploration activities, including a significant amount of drilling, are fully-funded until 2014,” he said.

Australian Mines Limited shares were steady at 1.6 cents at 9.33am WST.