Financial Wire

Golden Mile to Sell Remaining 20% Stake in Western Australia Joint Venture to Patronus Resources for AU$250,000; Golden Mile's Shares Reach Lowest-Ever Point

-- Golden Mile Resources (ASX:G88) entered into a binding agreement to sell its remaining 20% interest in the Leonora gold joint venture in Western Australia to Navigator Mining, a wholly-owned subsidiary of Patronus Resources (ASX:PTN), for cash consideration of AU$250,000, according to separate Tuesday Australian bourse filings.

The joint venture includes the Benalla, Normandy, Monarch, and Ironstone Well project areas.

Completion of the deal is expected in the coming week, subject to the satisfaction or waiver of the remaining conditions precedent.

Drilling in the area is planned to begin after the completion of a heritage survey with the Nyalpa Pirnuku Native Title Group.

Golden Mile's shares fell past 7% in recent trading on Tuesday, reaching their lowest ever point. Meanwhile, Patronus' shares rose 1%.

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