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Golden Cross sells noncore property in NSW for A$368,000

Golden Cross Resources Ltd. has sold its wholly owned Coppervale property at Molong in New South Wales, Australia, for A$368,000.

The property has been acquired by Hellsten SF Pty. Ltd., a company associated with Golden Cross Chairman Ken Hellsten.

The company will lease back the property and has already paid A$90,000 for three years.

As part of the deal, the company has secured a three-year option to repurchase the property for A$400,000 or for market value, whichever is greater at the time.

Golden Cross also holds a first right of refusal in case Hellsten decides to sell the property.