AGGL is the holding company for Alexander Mining’s Argentina assets.
Of the total consideration of $2.2m, about $400,000 was received on execution of the legally binding sale and purchase agreement, and 18 monthly payments of $100,000 each are due, commencing in March 2011.
Alexander CEO Martin Rosser said that the company has now completed the refocusing of its business strategy on its proprietary leaching technology, especially AmmLeach.
"If the purchaser wishes to develop a mine in Argentina using AmmLeach, then, subject to the execution of a separate agreement, we would be pleased to agree a license on our standard commercial terms," Rosser said.
