Heron cashes in on Polaris stake

Metals miner Heron Resources netted almost $38 million from the sale of 5324,324 shares in Mineral Resources, which Heron received as part consideration for the sale of its stake in Polaris Metals.

The sale was completed at a price of $7.15 a share, resulting in net proceeds to Heron of $37.9 million, and leaves Heron with a cash balance of more than $60 million, which it says it will use to complete an assessment of the A1 Gold project, and possibly to commission a mining operation.