First Au Limited (ASX:FAU) has entered into a binding agreement to sell the Mabel Creek Project to Talisman Mining Limited (ASX:TLM) for a total consideration of $200,000 in cash and $100,000 of TLM fully paid ordinary shares.
First Au will retain exposure to any potential upside in Mabel Creek through a shareholding in TLM, and will release progress updates on the sale when available.
If the necessary approvals and registrations for the transfer of the tenements are not obtained within four months, either party may terminate the Agreement, in which case one-third of the initial cash payment is refundable to Talisman.