June 12 (Reuters) - Alterra Ltd 1AG.AX :
* REFERS TO ANNOUNCEMENT ON CONTRACTS FOR SALE OF DAMBADGEE SPRINGS PROPERTY DATED MAY 13
* ALTERRA SAYS BUYER'S FINANCE APPROVED TO PURCHASE 913 HECTARES OF DAMBADGEE SPRINGS PROPERTY
* CONTRACT 1 WORTH $1.6 MILLION EXPECTED TO BE SETTLED ON OR BEFORE 10 JULY