Straits Resources has agreed Terms with Venturex Resources Limited (Venturex) to sell all the issued capital of Straits (Whim Creek), the beneficial owner of the Whim Creek Mine and all associated exploration tenements including the sulphide resources at Whim Creek Mons Cupri, but excluding the SX-EW plant.
The SX-EW plant is subject to an option to purchase agreement with Finders Resources Limited.
As part of the deal, the company will sell the Salt Creek and Balla Balla copper-zinc projects and associated tenements.
Operations at Whim Creek recently ceased, with the operation continuing to produce copper from its existing heaps.
The consideration for the acquisition is 106 million fully paid Venturex shares at a deemed value of 7.5 cents per share ($8 million) on completion of the transaction; and fully paid ordinary Venturex shares or cash to the equivalent value of $3 million based on a share price of 30 day VWAP preceding Venturex formally committing to a Decision to Mine.