The company is aiming to reduce non-project expenditure in areas such as general and administrative costs from about $2 million per annum to less than $900,000 per annum.
Navaho is focused on the discovery of Carlin-style gold deposits in Nevada, United States and Queensland, Australia. The company has three projects in Queensland and seven in Nevada.
Various measures are being implemented to reduce cash expenditure, including a reduction in directors' fees to $40,000 per annum. Of this, 50% will be paid in cash with the remaining 50% to be paid in stock on a quarterly basis.
The share component of this scheme will require shareholder approval. An Extraordinary General Meeting will be called soon.
The disposal of this tenement package was aimed at allowing the company to focus its ongoing exploration efforts on more advanced exploration targets in its portfolio.
Consideration for the transaction comprised A$50,000 in cash and 1 million Alcyone shares, which were trading at about $0.065 around the time of the agreement.
Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.