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Shares KGL Resources jumped after the company announced the sale of its Murchison gold project for $15 million.

The sale needs approval from the Foreign Investment Review Board and is scheduled for settlement in early February.

KGL, formerly Kentor Gold, has not named the overseas buyer.

The company said funds from the sale of the project would be used to continue the exploration and development of the Jervois copper project in the Northern Territory.

KGL shares were up 2.7 cents, or 30.68 per cent, to 11.5 cents at 11.35am.