Magnus International Resources has sold its Huidong project in Sinchaun Province to a Chinese mining group. The exploration license underlying the property has been renewed by the relevant Chinese authorities and 100% of the ownership interest in the company that possesses the license has been transferred to the Chinese group.
Magnus received RMB7 million upon signing.
Magnus retains a 3% NSR (Net Smelter Royalty) on any minerals produced from the property in the future.
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