Reuters reported that Straits Resources Limited will sell its idled Whim Creek copper mine in west Australia to explorer Venturex Resources Limited for up to AUD 11 million.

According to statements by the two companies, Straits will receive 106 million fully paid Venturex shares at a deemed value of 7.5 cents per share, worth AUD 8 million on completion of the transaction and Venturex shares or cash worth AUD 3 million if Venturex reopens the mine.

The mine produced 1,455 tonnes of copper during the 3 months to June 30th 2009 down 39% from the 2,389 tonnes for the March quarter as it drew down inventory from heap leach pads ahead of the its closure.

(Sourced from Reuters)