8 August 2019 – Perth, Australia
Nuheara Limited (ASX: NUH) (“Company” or “Nuheara“), is pleased to announce that it has entered into a Mining Concessions Transfer Agreement (the “Transfer Agreement”) for the sale of its mining concessions in southern Peru.
The mining concessions are held by Nuheara’s wholly owned subsidiary, Wild Acre Metals (Peru) SAC and consist of the following tenements:
MINING TENENMENT REGISTER
|Peru Location||Tenement||Interest %|
Under the Transfer Agreement entered with Corisur Peru SAC (“Corisur”), a subsidiary of Auryn Resources Inc. (TSX:ARG), Corisur will pay US$250,000 for the transfer of the concessions upon recording of the Transfer Agreement with the Peruvian Public Registry.
Commenting on the transaction, Nuheara’s Chief Financial Officer, Jean-Marie Rudd, said “the sale of the mining concessions to Corisur continues Nuheara’s previously disclosed strategy of divesting mining assets to focus on the Company’s core business model in the hearing health space. Realising capital from the sale of these interests provides additional Capacity to the company’s treasury which, in addition to the Company’s recent successful capital raise, will support the development of IQbuds MAXTM, on track for production later this year, and additional marketing efforts in support of the Company’s sales strategy realignment.”
Nuheara’s remaining portfolio of mining assets consists of Net Smelter Royalties (“NSR”) located in Northern Peru and Western Australia. These interests are actively being marketed for sale and the Company intends to dispose of these interests as soon as it is commercially practical to do so.
A brief summary of the two NSR interests follows:
Through its 80% interest in Terrace Gold Pty Ltd (“Terrace”), Nuheara holds a 0.5% NSR over the El Molino Gold Project and part of the El Galeno Copper Gold Project located in Northern Peru. These projects are currently owned under joint venture by China Minmetals Corporation and Jiangxi Copper. China Minmetals has publicly stated that the El Galeno Copper-Gold Project is expected to be completed and put into operation in 2020 with a service life of 22 years.
Nuheara holds a 1.5% NSR over the Mt Ida South/Quinns gold projects located in Western Australia and currently owned by Alt Resources Ltd (ASX:ARS).
|E 29/649||Quinns Project|
|E 29/748||Quinns Project|
|E 29/790||Mt Ida South Project|
|E 29/930||Quinns Project|
|E 29/943||Quinns Project|
|E 29/997||Quinns Project|
|M 29/36||Quinns Project|
|M 29/37||Quinns Project|
|M 29/421||Mt Ida South Project|
|M 29/65||Quinns Project|
The Mt Ida Gold Project encompasses the Mt Ida South and the Quinn’s Mining Centre projects, located approximately 90 kilometers west of Leonora. These projects lie on the Ballard Fault which is host to a near-continuous mineralised sequence, including the known JORC resources contained at the Matisse and Quinn Hills deposits in the north, and the Mount Ida South Project including the Spotted Dog, Tim’s Find and Shepherd’s Bush deposits in the south.
CEO and Managing Director
+61 8 6555 9999
+61 434 664 589
Nuheara is a global leader in smart personal hearing devices which change people’s lives by enhancing the power to hear. Nuheara has developed proprietary and multi-functional intelligent hearing technology that augments a person’s hearing and facilitates cable free connection to smart devices. Nuheara is based in Perth, Australia and has an office in New York, USA. Nuheara was the first consumer wearables technology company to be listed on the Australian Stock Exchange (ASX).
In 2016, the Company released its revolutionary wireless earbuds, IQbudsTM, which allow consumers to augment their hearing according to their personal hearing preferences and connect hands free with their voice-enabled smart devices. Nuheara products are now sold in major consumer electronics retailers, professional hearing clinics and optical chains around the world.
The Company’s mission is to transform the way people hear by creating smart hearing solutions that are both accessible and affordable.
Learn more about Nuheara: www.nuheara.com.