Australia's Sheffield Resources rises on project sale

Sheffield Resources

14/03/2022 03:28

** Shares of Sheffield Resources Ltd  SFX.AX  rise as much
as 3.6% to A$0.420, their highest since March 7    
    ** Mineral explorer says to sell McCalls Mineral Sands
Project in Western Australia to Image Resources NL  IMA.AX 
 urn:newsml:reuters.com:*:nFWN2VG004
    ** Total consideration A$12 mln ($8.70 mln), which will be
funded from Image's existing cash reserves - Image 
    ** Image says project consists of four exploration licences
across two project areas, containing 5.8 bln tonnes of mineral
resources
    ** Stock up 12.2% this year, as of last close

($1 = 1.3793 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))