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Richland Resources is in talks to sell Capricorn sapphire mine in Queensland

Richland Resources Ltd. said Dec. 31, 2018, that it is continuing to pursue the divestment of its Capricorn sapphire project in Queensland, Australia, through the sale of its Capricorn Sapphire Pty. Ltd. unit, and discussions are ongoing with one party.

However, the sapphire and gemstones explorer said there is no guarantee that it will either secure funding to restart operations at Capricorn or conclude talks for the potential sale of the mine.

Meanwhile, Richland signed an agreement to upsize an existing £300,000 convertible loan facility to £400,000 and extend the maturity date to Feb. 28.