Clara Resources (ASX:C7A) has signed a binding term sheet to sell its subsidiary, Ten Star Mining, which holds the tenements and other assets relating to the Granville Tin project in Tasmania.

The purchaser is Reforme Group, an unrelated private company which holds mining tenements elsewhere in Australia.

The sale is subject to regulatory approval and the purchase price of $650,001 will be split into several payments over three months.

Clara Resources says it holds an exciting portfolio projects with assets at different stages of development including pre-construction, feasibility and exploration., in coal, coking coal, nickel, cobalt, and copper in Australia.