Wallbridge (WM.TO), a mining company, Thursday announced that it has sold its Detour East mineral claims to Agnico Eagle Mines Ltd. (AEM.TO) for a consideration of $8 million with 2 percent NSR royalty over the property, with a $4 million buyback option in favor of Agnico Eagle.
The Detour East claims were already part of a formal arrangement between Wallbridge and Agnico Eagle. The transaction will provide immediate cash to Wallbridge and will allow it to focus on the continued exploration and development of its Detour-Fenelon Gold Trend Property located in the northern Abitibi region of Quebec.
Brian W. Penny, CEO stated that the 2 percent NSR on the property will support to maintain exposure to Detour Easts capabilities and is in line with the strategy of prioritizing the two core assets, Fenelon and Martiniere.
On the Toronto Stock Exchange, AEM.TO's shares are trading at 1.39 percent down at C$234.02, and WM.TO's shares are trading at C$0.1150.
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