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Rox inks definitive deal to sell 49% Reward stake to majority owner Teck

Rox Resources Ltd. entered into a definitive agreement with Teck Resources Ltd. unit Teck Australia Pty Ltd., pursuant to which Teck will acquire Rox's 49% stake interest in the Reward zinc project in Australia's Northern Territory.

In October 2016 the Canadian miner, which is the majority owner with a 51% stake in the project, agreed to acquire Rox's interest for A$20.6 million, under a pre-emptive right.

The pre-emptive right is part of an earlier option agreement that Teck had struck with Rox to earn an additional 19% interest in the Reward project.

Rox intends to use the funds from the sale to advance exploration at its Fisher East nickel project and Collurabbie gold-nickel projects in Western Australia, it said Jan. 24. The company will also consider other mineral opportunities that may be of value to shareholders.

The transaction is anticipated to close by mid-February.

Additionally, Rox noted that an aircore drill program funded by Doray Minerals Ltd. is planned to commence in the first quarter on the Mount Fisher gold joint venture.