SRI - Sipa Resources bolsters cash balance with Murchison project sale

(NewsDirect)

Sipa Resources Ltd(ASX:SRI) MD Pip Darvall tells Proactive’s Andrew Scott that thecompany will strengthen its focus on its five Western Australianprojects after the sale of the Murchison Gold Project to Ora Gold Ltd,in return for $1.4 million in the form of $600,000 in cash and$800,000 in OAU shares.

The Murchison Project is directly adjacent to and contiguouswith Ora Gold’s existing tenure, complementing that company’scurrent assets and enhancing plans to make further discoveries in thedistrict.

“Wesee this as a win for each party,” Darvall said in SRI’sannouncement today.

“For Sipa, itallows the company to focus on its remaining five projects in WesternAustralia, as well as bolstering the cash balance of the company tosupport its upcoming exploration programs, while the Sipa tenure willadd considerable scale to Ora’s project, where it is aggressivelyexploring and building its resource base in theMurchison.”

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Proactive Investors

JonathanJackson

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