Perth, Dec 12, 2008 AEST (ABN Newswire) - Terrain Minerals Limited's (ASX:TMX) Coogee Gold deposit has been sold to the Argonaut Mining Group for a series of payments totalling A$3.25 million with a minimum of $2.1 million to be paid before the end of 2009.
The Coogee Gold deposit (277,500t @ 3.91g/t gold (34,870 oz) is located on M26/477, 20kms NE of Kambalda, Western Australia.
A non-refundable payment of A$100,000 is due before Christmas 2008, a second non-refundable payment of A$1 million is to be paid before the end of January 2009 and a further minimum payment of $1 million is due by 30 December 2009. The balance to be paid after mining commences at the Coogee deposit.
The proceeds from the sale place Terrain in a secure cash position and will enable active exploration programs to be maintained on its major gold project at Bundarra (321,200 oz) and major Aztec Dome nickel project at East Kambalda.
Further information regarding Terrain's projects and exploration programs can be found on the Company's website: http://www.terrainminerals.com.au
Contact
Keith Wells
Managing Director
Terrain Minerals Ltd
Telephone: +61 8 9481 2455
terrain@terrainminerals.com.au
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