Orefinders Agrees to Sell Red Lake Property for $1.3 million
TORONTO, March 6, 2017 - Orefinders Resources Inc. ("Orefinders" or the "Company") (TSX.V: ORX) is pleased to announce that it has entered into a definitive agreement with Pure Gold Mining (TSX.V: PGM) ("Pure Gold') to sell the Company's Derlak Project in Red Lake, Ontario.
In return for a $1.3 million value, Orefinders has agreed to transfer its 100% interest in the Derlak Project which consists of 11 contiguous patented claims covering approximately 542 acres. The $1.3 million in total consideration to Orefinders is comprised of $500,000 in cash and $800,000 worth of Pure Gold shares. The agreement is scheduled to close in the coming week.
"We are very pleased to be able to monetize this asset and strengthen Orefinders balance sheet. We view this transaction as nondilutive to our shareholders and allows us to squarely focus on the Mirado Mine with the use of funds being earmarked to further its development.
- Published: 06 March 2017
- Written by Editor