Mar 6 2015
Intrepid Mines Limited is pleased to advise that its wholly-owned subsidiary Blackthorn Resources Burkina Faso SARL has received Ministerial Approval in respect of the transfer of the Poa and Guido exploration licences in Burkina Faso to an entity associated with Glencore Plc.
Receipt of Ministerial Approval was the final condition to completion of the sale of the Poa and Guido exploration licences to the Glencore associate approved by the shareholders of Blackthorn Resources Limited (Blackthorn) in August 2014. Accordingly, Blackthorn considers that the US$2 million purchase consideration is payable by 5 March 2015.
Blackthorn reached an agreement to sell its assets in Burkina Faso to Glencore in April 2014 following an extensive business review of the Perkoa Operation. Blackthorn received US$10 million in consideration for its equity share of the Perkoa Zinc Project in August 2014. The approval of the transfer of the Poa and Guido exploration licences represents the completion of the divestment of Blackthorn's assets in Burkina Faso.
Source: http://www.intrepidmines.com/