Tasman Resources Ltd (TAS) has agreed to sell five Exploration Licences (ELs) and one Exploration Licence Application (ELA) to BHP Billiton (BHP). All six tenements are located on the Stuart Shelf in South Australia. Total consideration is $3.0 million, payable as $2.925 million upon transfer of the ELs and $75,000 upon transfer of the ELA to BHP Billiton.
Tasman has been exploring a substantial package of tenements within a very prospective part of the Stuart Shelf/Gawler Craton in South Australia. This province hosts the Olympic Dam, Prominent Hill and Carrapateena IOCGU deposits. Following detailed reassessment of these areas, Tasman concluded that although these outlying tenements contain several targets, they are believed to be deep, relatively high risk and as such, more suited to companies with far larger exploration budgets. Tasman also concluded that the $3.0 million from the sale of the tenements fairly represents their current value.