Northern Manganese (ASX:NTM) has entered into a binding agreement to sell its 100% interest in a magnetite project at Mt Alexander in Western Australia to Zenith Minerals (ASX:ZNC).
Northern Minerals will receive 500,000 ZNC shares and payment of $50,000 cash as consideration.
The sale of the Mt Alexander tenement allows Northern to focus on manganese exploration in the Northern Territory whilst retaining exposure to the project via its new shareholding in Zenith.
Northern retains a belief in the value of manganese as an exploration and development target due to its fundamental links to expanding steel production in the Asian region.
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