Sipa Resources bolsters cash balance with Murchison project sale

–News Direct–

Sipa Resources Ltd (ASX:SRI) MD Pip Darvall tells Proactives Andrew Scott that the company will strengthen its focus on its five Western Australian projects after the sale of the Murchison Gold Project to Ora Gold Ltd, in return for $1.4 million in the form of $600,000 in cash and $800,000 in OAU shares.

The Murchison Project is directly adjacent to and contiguous with Ora Golds existing tenure, complementing that companys current assets and enhancing plans to make further discoveries in the district.

We see this as a win for each party, Darvall said in SRIs announcement today.

For Sipa, it allows the company to focus on its remaining five projects in Western Australia, as well as bolstering the cash balance of the company to support its upcoming exploration programs, while the Sipa tenure will add considerable scale to Oras project, where it is aggressively exploring and building its resource base in the Murchison.

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