White Cliff Minerals Limited : - Completion of Sale of the Merolia Gold Project

White Cliff Minerals Limited (White Cliff or the Company) is pleased to advise shareholders that the sale of the Company's 100% owned Merolia Gold Project to LSE-listed exploration company, Panther Metals PLC (Panther) has completed.

As announced 16 November 2020, the upfront consideration for the sale of Merolia was A$274,0001, consisting of A$112,500 cash and 734,470 ordinary shares in Panther (50% of the consideration shares will be subject to 6 months voluntary escrow from the date of issue and other 50% will be subject to 12 months voluntary escrow from the date of issue). Additionally, White Cliff is entitled to a payment of A$1.25 per ounce of gold contained within a JORC (or equivalent reporting code) Mineral Resource Estimate from the Merolia Gold Project area.

This announcement has been approved by the Board of White Cliff Minerals Limited.

Contact:

Dan Smith

Tel: [phone]

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