en.Wedoany.com Reported - Australian mining company Accent Resources has signed a binding agreement to sell the Norseman gold project in Western Australia to Boomerang Mining Capital for a maximum consideration of A$4 million (approximately US$2.77 million). The Norseman project is located about 5 kilometers south of the town of Norseman, in a highly mineralized area of the southern section of the Norseman-Wiluna greenstone belt. Under the terms of the agreement, Accent will receive an initial cash payment of A$3 million at settlement; an additional A$1 million will be paid within ten business days after the mining lease is approved and Boomerang obtains commercial mining approval.

The agreement stipulates that Accent retains full ownership of the iron ore and platinum group element (PGE) mineral rights in the project under a mineral sharing agreement. Additionally, Accent will receive a 4% gross sales royalty on all other minerals produced from the project, excluding iron ore and PGEs. Boomerang has an option (set out in the royalty deed) to acquire half of this royalty interest for A$4 million in cash, thereby reducing the royalty to 2%. Mineral Mining Services has guaranteed Boomerang's obligations under this transaction. Completion of the transaction is subject to due diligence, regulatory approvals, and execution of relevant documents, with settlement expected to occur within five business days after these conditions are satisfied or waived.

Accent stated that the proceeds from the transaction are expected to strengthen the company's balance sheet and support the advancement of its iron ore strategy. Accent Resources Managing Director David Sun said the transaction delivers immediate value to shareholders while allowing Accent to retain long-term upside potential from the project's iron ore and PGE prospects; the company is pleased to partner with Mineral Mining Services, a Western Australian mining contractor capable of efficiently developing the Norseman gold project; the ongoing 4% gross sales royalty also enables the company to continue sharing in the project's future success.