Windhoek — Gold One International, which has operations in Namibia, announced this week that it has sold its Twin Hills project in North Queensland to North Queensland Metals Limited and Heemskirk Consolidated Limited in proportions of 60% and 40%, for A$1.75 million.

The asset sale is for cash, payable in four instalments. Completion of the sale is subject to certain conditions, including relevant approvals from the Minister responsible for the administration of the Queensland Mineral Resources Act 1989.

The sale of the Twin Hills project is in line with Gold One's strategy of realising value from non-core assets, as it pursues organic growth through the development of its core gold projects, including the near production Modder East Project and the large Ventersburg Project, and external growth in its targeted geographies of Australia, North America and southern Africa.