Somerset Minerals (ASX:SMM) completed the sale of the Valle del Tigre II mineral concession in Ecuador to Barrick Gold (Ecuador), with remaining cash proceeds of $250,000 since received, according to a Friday filing with the Australian bourse.
Barrick Gold agreed to pay the mining firm a total cash consideration of $320,194, including $20,194 for annual conservation patent fees and $300,000 upfront, in line with the previously announced agreement, the filing said.
The completion of the sale allows the company to focus on its proposed acquisition of the Coppermine project in Canada, according to the filing.
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