AuKing Mining (ASX:AKN) entered into a binding term sheet with Resource Mining (ASX:RMI) granting the latter an option to purchase all of AuKing's rights, obligations, and interests in its joint venture in Saudi Arabia, according to a Monday Australian bourse filing.
The move comes after AuKing Mining obtained permission from its local Saudi partner, Barg Alsaman Mining.
The newly constituted AuKing board decided that it could not direct resources and available funds to the venture and focus instead on Orion's Cloncurry Project and other existing exploration interests.
No consideration will be payable by Resource Mining to AuKing if it exercises the option other than its agreement to assume all of AuKing's obligations under the venture and to help Barg Alsaman secure a Shaib Marqan license and the commencement of exploration activities at the Wadi Salamah project.
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