Subiaco-based Batavia Mining Ltd has signed a Letter of Intent to sell its Gullewa tenements, located east of Geraldton in the Yilgarn Goldfields, to Toronto Stock Exchange listed company, ATW Venture Corporation.
The announcement is pasted below:
Batavia Mining Ltd has today executed a Definitive Agreement with the Toronto Stock Exchange listed ATW Venture Corporation for the sale of the Gullewa assets.
This agreement reflects the terms of the Letter of Intent announced on 14 March 2008.
Batavia will now proceed to complete the requirements of the Definitive Agreement.
A shareholders meeting will be called shortly to place the matter before shareholders for their consideration.
Batavia has been evaluating options for its Gullewa assets since early 2007 and currently believes the disposal of the assets offers the best return for the company and its shareholders.
The Company confirms that it is in the advanced stages of Due Diligence in relation to a potential acquisition as referred to in the announcement of 4 April 2008.
Should that potential acquisition proceed then an appropriate announcement will be made immediately.
The Company also confirms the Placement of 12 million shares at 8 cents, as announced on 4 April 2008, has also completed and the shares have been issued.
