Montezuma Mining Co. Ltd. agreed to divest its exploration license E38/2889, part of the Yamarna gold project in Western Australia to Gold Road (North Yamarna) Pty. Ltd. after deeming it a noncore asset.

Gold Road paid A$150,000 cash and will make a further discovery payment of A$7.50 per resource ounce on future discoveries within the license.

Montezuma said Oct. 11 that it intends to focus on advancing commercialization at its Butcherbird manganese project, the Pinnacles cobalt project and other key portfolio assets.