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Karora Resources Closes Previously Announced Sale of its Remaining 28% Interest in the Dumont Nickel Project

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Karora Resources Closes Previously Announced Sale of its Remaining 28% Interest in the Dumont Nickel Project

 

 

 

 

 

Karora Resources Inc. (TSX: KRR) is pleased to report that it has closed the previously announced (see press release dated July 22) agreement to sell its 28% interest in the Dumont Nickel Project to two private funds advised by Waterton Global Resource Management, Inc.  

 

Karora has received $10.7 million in cash, comprised of $7.4 million from Waterton for its interest and a $3.3 million refund of Karora’s share of the cash held within the Dumont Joint Venture. As previously outlined, Karora will have the right to receive a portion of future proceeds of any future Dumont sale or other monetization event up to a maximum of an additional $40.2 million.

 

About Karora Resources

 

Karora is focused on growing gold production and reducing costs at its integrated Beta Hunt Gold Mine and Higginsville Gold Operations in Western Australia. The Higginsville treatment facility is a low-cost 1.4 Mtpa processing plant which is fed at capacity from Karora’s underground Beta Hunt mine and open pit Higginsville mine. At Beta Hunt, a robust gold mineral resource and reserve is hosted in multiple gold shears, with gold intersections along a 4 km strike length remaining open in multiple directions. HGO has a substantial historical gold resource and highly prospective land package totaling approximately 1,800 square kilometers. Karora has a strong Board and management team focused on delivering shareholder value.

 

Posted July 27, 2020

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