St George Mining announces to acquire strategic lithium projects

St George Mining Ltd (ASX: SGQ) announced a deal to acquire 100% ownership of seven potential lithium assets in Western Australia. Lithium Star Pty Ltd, the company's wholly-owned subsidiary, entered into an acquisition agreement with Chariot Corporation Limited and Stallion Lithium Pty Ltd to buy a package of tenements in Western Australia. Total consideration of the agreement includes AU$300,000 (plus GST) in cash upon Completion and AU$400,000 (plus GST) worth of St George shares to be issued upon Completion.

The tenements include 14 exploration permits. 13 have been granted, with one pending, covering a total area of roughly 653km. The tenements are divided into seven separate projects. For each of the new properties, the business is drafting exploration plans. Depending on the geological environment and level of investigation, work will differ between projects.

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