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Alkane Resources Closes Sale Of Orange District Joint Venture

Alkane Resources (ASX:ALK) has closed out the sale of its interest in the Orange District Exploration Joint Venture (ODEJV) with Newmont Exploration Pty Ltd to Regis Resources (ASX:RRL).

Alkane has received 17.5 million RRL shares in consideration for the its holding.

At the close of trading on 16 November 2012 these shares are valued at about $94.7 million in Alkane's books.

The principal asset of the joint venture was the McPhillamys project within the Moorilda tenements.

Alkane's interests in the joint venture were held in its wholly owned subsidiary, LFB Resources NL.

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