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Southern Gold to sell Western Australia assets to Aurenne for A$2.5M

Southern Gold Ltd. said Aug. 5 that the sale of its exploration assets including the Bulong South, Glandore, and Cowarna gold projects in Western Australia, has concluded, with Aurenne Cannon Pty. Ltd. selected as the preferred bidder to pay A$2.5 million in cash.

Aurenne has paid a 10% deposit, refundable if the conditions precedent are not satisfied or waived.

The A$2.5 million is equivalent to approximately 3 Australian cents per Southern Gold share. The transaction will allow the company to focus on its South Korean assets.