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PrintJOHANNESBURG： QMX Gold has agreed to sell 100% of its Snow Lake gold project, in Manitoba, to nickel exploration company Liberty Mines for $20-million.
Newly appointed Liberty president and CEO David Rigg, who replaced Pat Gleeson, said in a statement that the deal positionedLiberty Mines as a near-term gold producer, with two fully permitted mills located in two Canadian gold camps.
A 2010 feasibility study outlined the project’s measured and indicated resources of 725 000 oz at 4.14 g/t and inferred resources of 336 000 oz at 4.43 g/t.
The property's assets included the New Britannia mine with associated plant, infrastructure and equipment, including a fully permitted 2 150 t/d modern mill and tailings facility.
The disposal of the gold and copper mine would financially strengthen QMX, which would use the proceeds from the sale to pay its existing debt obligation to Third Eye Capital, as well as general working capital, said incoming CEO, president and director Brett New, who replaced Francois Perron.
“… we will continue to pursue custom milling and other strategic opportunities in Quebec,” New added.
The parties on Thursday entered a binding agreement, which resulted in Liberty placing $1-million into the trust account of its legal counsel, to be released when a definitive purchase agreement was effected.
The balance would be paid upon closing of the transaction, which was expected to occur on, or before, November 25 - but Liberty would be able to buy an extension until January 14 for $100 000.
The deal remained subject to Liberty’s completion of a due diligence review, the parties obtaining all necessary government and regulatory approvals in Canada and China and Liberty securing the financing necessary to complete the acquisition.
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