Tertiary Minerals sells Finland gold assets for £100,000

AIM-listed explorer Tertiary Minerals has completed the sale of its non-core gold assets in Finland for £100,000 to Aurion Resources, a Canadian precious metals miner.

The company sold its gold assets, Kaaresselkä and Kiekerömaa, for £100,000 comprising of £15,000 in cash and £85,000 worth of Aurion shares.

The exploration licenses has also been transferred to Aurion by the Finnish Safety and Chemical Agency and the compnay has retained pre-production royalty interests the assets.

The location of the assets in significant for Aurion as it has recently discovered of a new gold zone, called Aurora at its Risti mine, which is located in the same regional deformation zone as Kaaresselkä.

Tertiary managing director Richard Clemmey said: "We are delighted that the completion of the sale has gone smoothly and given Aurion's exciting new discovery and strategic partnership with B2Gold in Finland.

"We are looking forward to potentially capitalising in the future through our retained shareholding in Aurion and royalty interest in Kaaresselkä and Kiekerömaa".

Shares in Tertiary Minerals were down 2.74% to 0.851p at 1134 GMT.