Rex Minerals (“Rex”) has sold one of its wholly owned subsidiaries Rex Minerals (Victoria) Pty Ltd (“RexVic”) for a total of $1,480,000 to a privately held company. The sale of RexVic includes exploration licences and associated assets that form the St Arnaud and Nth Creswick Projects.
Since its inception in April 2007, Rex has pursued a strategy to acquire highly prospective projects with the potential to host large resources in commodities that are in high demand. Over that time, Rex has obtained ownership of six major projects across three states within Australia. Rex has been actively exploring all of these project areas to test various exploration theories and advance each project towards the discovery of new mineral resources. Strategically, Rex has decided to focus its exploration effort on two high priority areas. Our initial focus is to follow up the successful discovery of high grade copper mineralisation at Hillside and to take advantage of our new understanding of the structures that host the copper mineralisation on the Yorke Peninsula. This has opened up exciting opportunities for growth through the discovery and development of copper-gold resources in South Australia.
Secondly, the Company considers that the option to acquire the Mt Carrington gold-silver project in New South Wales provides Rex with near term development opportunities with existing shallow gold and silver resources and the potential for additional high grade gold and silver discoveries. The sale of RexVic will also provide additional funding towards the exploration of these key projects.
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