Capricorn Metals Limited to Acquire Yalgoo Project

Key Points

• Capricorn to acquire Yalgoo Project and expand regional footprint 

• A$4.5M cash and scrip deal with potential for further milestone payments

• TEM to retain iron rights on eastern tenements

Summary

Tempest Minerals Ltd (TEM) is pleased to advise that it has entered into a binding agreement with Capricorn Metals Limited (CMM) for CMM to acquire the Yalgoo Project tenement package (“Yalgoo Project”).  CMM have entered into an agreement to purchase the Yalgoo Project for a total consideration of $4.5 million with further milestone payments to be made upon further discoveries or production within the tenement package.  TEM will retain the iron rights for the eastern tenements previously identified as iron bearing.