Fox soars on Pilbara sale

SHARES in Fox Resources have traded more than 18% higher today after the explorer announced a partial sale of its Mt Regal gold prospect in Western Australia for $A1.2 million.
Bruce Garlick
Pilbara quarry operators Hanson Construction Materials and Archipelago Nominees entered into the deal with Fox following on separate deals arranged in August last year.
“To date $400,000 has been received with the balance due once the mining leases are transferred to the respective parties,” Fox chief executive Bruce Garlick said.
“Fox will also receive a royalty payment for all material sold once operations commence.”
The company identified the project, 10k from Karratha, as being in an area with a number of existing quarry operations and containing a reliable source of suitable material to meet the construction boom already underway in the region.
A spokesman confirmed that the land sold had no mining value to Fox, but the company said it was nevertheless retaining its mineral rights throughout Mt Regal.
The parcels of land involved in the transactions are not expected to interfere with Fox’s exploration efforts at Mt Regal in terms of the search for gold and base metals.
Fox’s WA exploration program covers a number of prospective base metal and gold targets, and the Mt Oscar magnetite project, 25km south of the port at Cape Lambert.
Shares in Fox were trading 18.4% higher this morning at 4.5c.
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