Sale of Bolnisi Copper and Gold Project in Georgia for CAD 7 Million, Board and Management Changes

Empire Metals Limited, the AIM-listed mineral resource exploration and development company, is pleased to announce that it has concluded a definitive and binding Sale and Purchase Agreement (subject to certain conditions) for the sale of the Company’s wholly-owned subsidiary GMC Investments Limited (‘GMCIL’), to Candelaria Mining Corporation (TSXV: CAND) (‘Candelaria’, ‘CAND’ or the ‘Buyer’).

For an all-equity total consideration of 7 million Canadian dollars (“CAD”), with an initial payment of CAD 2 million (the ‘Initial Consideration’) plus additional payments subject to certain milestones being achieved in Georgia (altogether “the Sale”). GMCIL is the owner of a 50% interest in JSC Georgian Copper and Gold (‘GCG’), which in turn holds the rights to copper-gold projects under a 30-year mining concession in Georgia. 

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