| Update on sale of interests in Weld Range Metals Limited | |
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ASX ANNOUNCEMENT 2 JUNE 2015
UPDATE ON SALE OF INTEREST IN WELD RANGE METALS LIMITED
Further to its announcement on 4 May 2015, Dragon Mining Limited ("Dragon Mining" or "the Company") advises that it has agreed to extend the completion and end date for the Share Sale Agreement ("Agreement") executed with Ausinox plc ("Ausinox") and Weld Range Metals Limited ("Weld Range") to sell the Company's 39.95% interest in Weld Range, the owner of the Weld Range Project that is located in the Mid-West region of Western Australia to 30
June 2015.
Pursuant to the Agreement, Ausinox will buy 10,311,834 Weld Range shares from Dragon Mining. In addition, the debt Weld Range currently owes to Dragon Mining of $3,791,046.29, comprising principal and accrued interest as at
30 June 2014, will be assigned to Ausinox. Consideration payable to Dragon Mining by Ausinox pursuant to the
Agreement is A$1 million.
The Company will update on progress in due course.
For and on behalf of
Dragon Mining Limited
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Dragon Mining NL
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PRODUCER |
CODE : DRA.AX |
ISIN : AU000000DRA1 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Dragon Mining is a nickel and gold producing company based in Australia. Dragon Mining develops nickel, gold and copper in Australia, in Eritrea and in Finland, and holds various exploration projects in Australia, in Finland and in Spain. Its main assets in production are SVARTLIDEN in Sweden and ORIVESI in Finland, its main assets in development are VAMMALA, PAMPALO and KUUSAMO in Finland, WELD in Australia and ZARA in Eritrea and its main exploration properties are ASHBURTON and WELD RANGE in Australia, KAAPELINKULMA, RITAKALLIO, TAMMIJÄRVI, SUKSETON, HANHIMAA, KUHMO and KYLYLAHTI in Finland and LUGO in Spain. Dragon Mining is listed in Australia and in Germany. Its market capitalisation is AU$ 194.6 millions as of today (US$ 124.1 millions, € 116.6 millions). Its stock quote reached its lowest recent point on December 12, 2014 at AU$ 0.08, and its highest recent level on July 23, 2021 at AU$ 4.69. Dragon Mining has 88 840 000 shares outstanding. |