Sarama sells WA assets to Riedel, confirms date for Burkina Faso arbitration hearing

Vancouver-headquartered Sarama Resources has entered into a binding share sale agreement with ASX-listed Riedel Resources to sell its Cosmo and Mt Venn gold projects, in Western Australia, in exchange for a combination of equity consideration and the payment of certain project-related expenses.

After selling these assets to Riedel for A$4.6-million in cash and shares, Sarama will hold about 32% ownership of Riedel, which will rise to 44% on performance milestones.