Tri-Star Resources Plc - Transfer of ownership of Göynük Project in Turkey
PR Newswire
London, March 4
5 March 2019
Tri-Star Resources plc
("Tri-Star" or the "Company")
Transfer of ownership of Göynük Project in Turkey
Tri-Star (AIM: TSTR), the mining and minerals processing company, is pleased to announce it has completed the transfer of ownership of its Turkish antimony asset and has received the second payment of US$200,000 due under the Sale and Purchase Agreement ("SPA").
The disposal of the Company's 100% interest in the Göynük mine in Turkey was agreed and announced on 24th January 2019, for a total cash consideration of US$500,000, with the first tranche of US$200,000 received by Tri-Star at the time.
The second tranche of US$200,000 fell due on the transfer of ownership, which has now taken place.
A third and final payment of US$100,000 falls due on the first sale of material from the mine. The Purchaser has previously indicated plans to bring the mine back into production before the end of 2019.
ENDS
Enquiries:
| Tri-Star Resources plc | |
| Karen O'Mahony, Acting CEO/ CFO | Tel: +44 (0) 20 7653 6291 |
| Tavistock (Financial PR) | Tel: +44 (0) 20 7920 3150 |
| Charles Vivian | Mobile: +44 (0) 7977 297 903 |
| Gareth Tredway | Mobile: +44 (0) 7785 974 264 |
| SP Angel Corporate Finance (Nominated Adviser) | |
| Robert Wooldridge/Jeff Keating | Tel: +44 (0)20 3470 0470 |
| finnCap (Broker) | |
| Christopher Raggett/Scott Mathieson/Camille Gochez | Tel: +44 (0)20 7220 0500 |
Notes to the Editor
Tri-Star's principal activities are in an antimony and gold production facility (the "SPMP Project" or the "Project"). The SPMP Project is based in Sohar, Sultanate of Oman, and is being developed by Strategic & Precious Metals Processing LLC ("SPMP"), an Omani company in which Tri-Star has a 40% equity interest.
Tri-Star also has an antimony exploration license in Canada which is held for its potential contribution of feedstock to the SPMP Project.
