Athena Resources has inked native title agreements for its Byro iron ore project, which will pave the way for the grant of the mining leases over the project.

The company’s (ASX:AHN) shares jumped 80 per cent on the news on Friday afternoon to trade at 5.4c – a new 52-week high.

The mining leases for the FE1 and Mt Narryer prospects are expected to be granted by the end of April.

The granting of the mining leases is one of the conditions of the $20 million sale of the Byro project – located in Western Australia’s Midwest – to Hong Kong-based Brilliant Glory Industrial Corp.

Under the deal, which was struck in January 2016, Athena will get a royalty of $2 per tonne of iron ore sold from the project.

AHN shares hit a new 52-week high on Friday.
AHN shares hit a new 52-week high on Friday.

The two companies signed the formal sale option agreement in March this year and the completion deadline has been extended to the end of June – a year later than originally planned.

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