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Saracen sells Red October mine to Matsa for cash and shares

Creamer Media Senior Deputy Editor: Australasia
ASX-listed gold miner Saracen Mineral Holdings has inked an agreement with fellow listed Matsa Resources to divest of its Red October gold mine, in Western Australia. Saracen MD Raleigh Finlayson told shareholders on Tuesday that the sale of the Red October mine was an opportunity for the company to crystalise value from an asset which had become noncore for the company, at a time when it had recorded substantial production and reserve growth.

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