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Victoria Gold Agrees to Sell Mill Canyon Property for up to $24M
Posted on May 25, 2012.
Victoria Gold Corp. has entered into an agreement with a wholly owned subsidiary of Barrick Gold Corp. to sell their interest in the Mill Canyon Property in Nevada.
The sale of Nevada property could be valued as high as $24 million. Terms of the sale include the delivery of the following points to Victoria Gold Corp.
1. US$15,000,000 closing payment
2. The right, title, and interest of the Santa Fe Property1 (Valued at US$4,000,000)
3. An addition US$5,000,000 payment should the right of Newmont Gold to back in as a joint venture, either expire or is eliminated.
The Santa Fe Property1 is located in Mineral County, Nevada. Victoria Gold Corp. trades on the TSX Venture, under the ticker VIT.
John McConnell, President & CEO of Victoria stated “While continuing to advance the development of the Company’s flagship Eagle Project in Yukon, we have been successful in finding value in our non-core properties. The sale of the Mill Canyon property combined with the recent sales of the Relief Canyon and Cove properties is anticipated to provide aggregate consideration of approximately C$49,000,000 to be used for Eagle construction. This is exclusive of contingent payments of approximately C$25,000,000 and royalties.”
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