LCL Resources Divests Colombian Projects and Announces New Gold Resource in PNG

The latest announcement is out from Los Cerros ( (AU:LCL) ).

LCL Resources has executed a Binding Share Purchase Option Agreement with Tiger Gold Corporation for the divestment of its Colombian projects, which include the Quinchia and Andes Gold Projects. The agreement, pending shareholder approval, will provide LCL with $7.5 million in staged payments, an additional $2.5 million upon the first gold pour, and a 1% net smelter royalty. This transaction allows Tiger to assume management of the Colombian projects, potentially leading to a public listing. Additionally, LCL announced a maiden Mineral Resource Estimate for the Kusi Gold Project in Papua New Guinea, reporting an inferred resource of 831,000 ounces of gold.

More about Los Cerros

LCL Resources, trading as ASX:LCL, operates in the mining industry with a focus on gold exploration and development. The company is engaged in projects across Colombia and Papua New Guinea, with key assets including the Quinchia Gold Project and the Andes Gold Project in Colombia, and the Kusi Gold Project in Papua New Guinea.

Technical Sentiment Signal: Buy

Current Market Cap: €5.39M

For a thorough assessment of LCL stock, go to TipRanks’ Stock Analysis page.