SYDNEY: Gateway Mining Limited has completed the divestment of its non-core Edjudina Exploration Project in the Laverton region of Western Australia to Syndicated Metals (SMD).

Under the Tenement Sale Agreement, between the Company’s wholly-owned subsidiary, Gateway Projects WA Pty Limited and SMD, SMD has agreed to acquire an 80% interest in E39/1765, E39/1882, E31/1150 and E31/1134.

As consideration for selling an 80% ownership interest in the Tenements, Gateway has received $50,000 cash; $200,000 in SMD shares with an issue price of $0.0076 per share; and grant of a 1.5% gross revenue royalty over the Tenements (payable after the first 200,000 ounces of gold or equivalent mineral product has been recovered from the Tenements).

Gateway’s Non-Executive Chairman, Trent Franklin, said the divestment of the Edjudina Project was consistent with the Company’s strategy of crystallising value from its portfolio of non-core exploration assets while maintaining a strong focus on gold exploration and development at its flagship 100%-owned Gidgee Gold Project – where a major 11,000m drilling program is continuing.