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POZ to sell vanadium asset to focus on Blina diamond project

POZ Minerals Ltd. has secured an option to sell its Musgraves vanadium project in Western Australia in a bid to focus on the Blina diamond project, according to a May 31 news release.

The buyer, a private Australian company 979 920 01 Pty. Ltd., has a three-month exclusive right to purchase the project for A$120,000 cash and a 1% net smelter royalty on any mineral production, for the period starting May 14, 2017.

In case the buyer conducts an IPO or sells the tenement to a listed company, it will issue an additional A$30,000 worth of shares to POZ.

The buyer holds tenement E69/3552, which lies directly to the south of the Musgraves project.