Victoria Gold Corp. (VIT.V) said it entered into a Purchase and Sale Agreement with a wholly-owned subsidiary of Barrick Gold Corp. (ABX.TO,ABX), to sell its interest in the Mill Canyon Property, located in Eureka and Lander Counties, Nevada.
The Property consists of claims which Victoria Gold acquired from Newmont Mining Corp. (NEM), through a purchase agreement dated May 13, 2003.
Total consideration for the purchase of the Property of up to $24 million shall be satisfied by the delivery to Victoria of $15 million on closing of the transaction; all of the right, title, and interest of Barrick in the Santa Fe Property, located in Mineral County, Nevada, with an ascribed valued at $4 million; and an additional $5 million should the right of Newmont to back into a joint venture in respect of the Property expire or otherwise be eliminated.
The closing of the sale of the Mill Canyon property, announced herein, is expected to occur in June 2012.
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