-- Saturn Metals (ASX:STN) said it has reached an agreement to sell its West Wyalong gold project joint venture interests and tenements in New South Wales to Xpedra Resources (ASX:XPD) for a combination of cash and shares, according to a Tuesday Australian bourse filing.
The company said its 60% joint venture interest in EL8815 has been sold for AU$50,000 in cash and 27.5 million Xpedra shares, while its 100% interest in EL9168 has been sold for 2.5 million Xpedra shares, with all shares subject to escrow periods of three and six months.
The transaction is consistent with Saturn's strategic focus on advancing its Apollo Hill gold project in Western Australia toward development, with a definitive feasibility study targeted for completion in the second half of the year, the filing added.
The company's shares fell 2% in recent Tuesday trade.