(MENAFN- ABN Newswire) Perth, May 25, 2017 AEST (ABN Newswire) - Viking Mines Limited (ASX:VKA) ("Viking" or the "Company"), advises that it has issued a formal Notice of Termination to Argo Metals Group Limited ("Argo") and its shareholders that it will not be proceeding with the acquisition of Argo. This acquisition was originally announced on 18 November 2016 however key conditions precedent to the acquisition remain outstanding and Viking no longer considers these as achievable.
Further Viking notes that Argo and its shareholders have issued Viking with their own Notice of Termination in relation to this matter.
Other Projects Update
In relation to Viking's activity on its other exploration projects, Viking advises it is currently having joint venture negotiations with various parties in relation to both of its Mongolian Coal projects.
The board believes it is in strong position to identify and evaluate other value creating opportunities in the mining sector. Please refer to our announcement on the 25 May 2017 on the Akoase gold project sale.
About Viking Mines Limited
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