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Orion Gold to sell noncore tenement package to Eastern Goldfields

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Orion Gold to sell noncore tenement package to Eastern Goldfields

Orion Gold NLsaid May 3 that it has entered a binding agreement to sell the Eastern Goldfieldsproject, comprising a noncontiguous tenement package in Western Australia, to emerginggold producer Eastern Goldfields Ltd.

In exchange, Orion will receive A$125,000 in cash and 2,000,000of Eastern Goldfields' unlisted options — half of which expires Aug. 3, 2018, andcan be exercised for 16.8 Australian cents apiece, and the remaining half expiresAug. 3, 2020, and can be exercised for 18.9 cents apiece.

Eastern Goldfields will also subscribe to 33,333,333 of Orion'sshares at 1.5 cents per share to raise A$500,000.

Proceeds from the sale and capital raising will be used to advanceexploration work as part of due diligence being undertaken on the Areachap project,in which Orion secured an option until July 31 to acquire a 73.3% interest, andto progress exploration work at the ConnorsArc gold-silver project in Queensland.

Orion also said it is actively seeking to joint venture and/orsell its Fraser Rangenickel-copper-gold project in Western Australia and its Walhalla gold-polymetals project in Victoria.