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Pacific Bauxite selling residual Australian interests for A$100,000

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Pacific Bauxite selling residual Australian interests for A$100,000

Pacific Bauxite Ltd. entered a binding agreement to sell its residual interests in milestone payments and royalties from the Mount Richardson, Rogetta and Golden Camel projects to Maincoast Pty. Ltd. for A$100,000.

The deal includes a 2% sales royalty on the Mount Richardson iron ore project in Western Australia, A$5 million in milestone payments on the Rogetta iron ore project in Tasmania, and a royalty of A$2 per tonne on all gold mined from the Golden Camel gold project in Victoria after the first 20,000 ounces.

The company failed to sell the residual interests for A$1.5 million earlier in August after Cylinder Cove Pty. Ltd. decided not to proceed.