(MENAFN- ProactiveInvestors - Australia) Stellar Resources (ASX: SRZ) has sold the non core Tarcoola Gold Project to Mungana Goldmines (ASX: MUX). Mungana will pay Stellar Resources $250,000 in cash now, $25,000 in cash on the renewal of each ML and will commit to spend $500,000 on EL4167 by July 2013.
The Tarcoola Goldfield is located 60 kilometres north west of Tunkillia (Mungana currently earning 70%) and 3 kilometres from the township of Tarcoola in South Australia.
The goldfield has produced 77,000 ounces of gold at an average grade of 37.5 g/t since discovery in 1893.
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