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Galleon Gold closes sale of Non-Core Ontario properties

Oct 6, 2021

Galleon Gold Corp. has closed its previously announced agreement to sell its non-core Kidd and Carnegie properties in Ontario to a private company, 11530313 Ontario Inc. and Noble Mineral Exploration Inc. 

Pursuant to the terms of the Agreement, for the sale of 100% ownership of the Properties, 11530313 has paid $250,000 and Noble has issued to the Company 2,000,000 common shares of Noble (the “Noble Shares”), to each obtain a 50% ownership of the Properties.  The transaction has received the final approval from the TSX Venture Exchange. The Noble Shares are subject to a hold period of four months and a day under applicable Canadian securities laws.

Note from the CEO of Galleon Gold
R. David Russell CEO and President of Galleon Gold commented, “This asset sale aligns well with the Company’s strategy to divest, or option, non-core properties while focusing our efforts on our flagship, the West Cache Gold Project. We look forward to becoming Noble shareholders and participating in the advancement of their property holdings through our equity interest.”  

About Galleon Gold 
Galleon Gold is a North American exploration and development company. Eric Sprott holds approximately 23% of the Company’s outstanding common shares and is also the Company’s partner on the Neal Gold Project in Idaho. A Preliminary Economic Assessment is currently underway for the Company’s flagship project, the West Cache Gold Project, located 13 km from Timmins.

Tags: Northern Ontario / Deals & Financial / Gold / All Articles