Tyranna Resources sells lithium project for US$1.4M

• Tyranna Resources executed a binding agreement to sell its ninety per cent interest in the Namibe Lithium Project.
• The company securities remain in a trading halt, with the last closing price at $0.003.
• Proceeds will be directed towards geochemical exploration at the newly acquired Chinguar Gold Project in Angola.

Tyranna Resources (ASX:TYX) executed an agreement to sell its Namibe Lithium Project interest for US$1.4 million.

This divestment follows four years of exploration activities that identified spodumene and pollucite occurrences at the site.

"Following 4 years of exploration activities, which included the discovery of spodumene and pollucite occurrences, the company has decided to divest the Namibe Lithium and Caesium Project to focus on other opportunities in Angola," said Tyranna Resources Managing Director David Crook.

The transaction is conditional on Chinese regulatory approvals and a shareholder vote scheduled for Aug. 7.

Following the announcement, the Tyranna Resources share price was unchanged at $0.003.

The company stated that the transaction proceeds will fund exploration at its newly acquired Chinguar Gold Project.

Tyranna stated that its strategy focuses on discovering demand-driven metal minerals to create wealth for shareholders.