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Zenith Minerals divesting Mount Alexander magnetite iron project for A$2.8M

Zenith Minerals Ltd. is divesting its fully-owned Mount Alexander magnetite iron project in Western Australia to a private Australian company, Mt Alexander Iron Ore Pty. Ltd.

The company will receive A$250,000 cash up-front and A$2.5 million spread over 10 annual payments after the project reaches commercial production, for total consideration of about A$2.8 million.

Zenith said June 4 that it will use the proceeds of the sale as working capital to advance the company's project portfolio, including exploration at its wholly owned Split Rocks lithium project in Western Australia.