Rex Minerals makes surprise gold mining sale

29 October 2008 | 04:38 Code : 18261 Geoscience events
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A mining company says it has taken an opportunistic decision to sell its Victorian gold....

A mining company says it has taken an opportunistic decision to sell its Victorian gold mining operations.Rex Minerals has sold the exploration licences and assets for its projects at St Arnaud and Creswick North for $1.5 million, but is not saying who the buyer is.Steve Olsen from Rex Minerals says his company had not been looking to off-load its Victorian operations"There are a few people who genuinely believe that the gold price is going to rise in the near future, and we do believe the same thing, but we had probably too many gold projects to manage"So as there was an offer on the table for both the Creswick and the St Arnaud projects, we thought we would take advantage of that and consolidate the ownership of the other projects that we had."


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