Global Geoscience Ltd. (ASX:GSC), an Australian based mineral exploration company, is selling a copper gold project in northern part of New South Wales to White Rock Minerals Ltd.
White Rock minerals is expecting to get listed on the Australian Securities Exchange later this year. It had demerged from Rex Minerals Ltd. in June.
The Guyra tenement will be sold for two million shares in White Rock Minerals Ltd. As the company is yet to lodge a prospectus outlining the listing prices of its shares it is not possible to work out the value of the deal. The deal is contingent on White Rock Ltd. getting the statutory approvals from the Department of Industry and Investment and being listed during 2010.
The Guyra project has excellent potential for porphyry style copper and gold mineralisation. The Global Geoscience Managing Director Barnard Rowe said that it recognised the untested potential of Gurya but it was unable to give it the attention it needed.
The company is focusing on its interests in Peru and US right now so it made sense to give the property to White Rock to explore and still get in on the profits by gaining a stake in White Rock.
Global Geoscience also has other prospects in Mexico, Canada and Australia.