Fura Gems Inc. has entered into a share sale agreement through its wholly-owned Australian subsidiary, Capricorn Sapphire Pty Ltd., with Mosley Mining Pty Ltd., pursuant to which the company will acquire all of the issued and outstanding shares of Great Northern Mining Pty Ltd., a mining company located in Australia.

The assets of the target consist of 73 mining leases, each located in Australia, as well as certain buildings, plants, fixtures, tools and other equipment related to the tenements. Fura agreed to pay A$2,987,933 (approximately C$2,860,632) to the vendor, subject to certain adjustments.

The closing of the acquisition is subject to the satisfaction of customary conditions precedent; however, the Foreign Investment Review Board of the Australian Government has already indicated it has no objection to the acquisition. Closing of the acquisition was expected to occur in early to mid-August.