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Galleon Gold sells Non-Core Ontario properties to Noble Minerals

Aug 25, 2021

Galleon Gold Corp. has entered into an agreement  to sell its non-core Kidd and Carnegie properties located in Ontario to a private company, 11530313 Ontario Inc. and Noble Mineral Exploration Inc., a publicly traded company listed on the TSXV under the symbol “NOB”. Pursuant to the terms of the Agreement, for the sale of 100% ownership of the Properties, 11530313 will pay $250,000 and Noble will issue to the Company 2,000,000 common shares of Noble (the “Noble Shares”), to each obtain a 50% ownership of the Properties. The sale of the Properties is expected to be completed by mid-September 2021.

 “We are very pleased that we have reached an arrangement with Noble that consolidates their land holdings in the Kidd and Carnegie townships and provides a platform for a broader exploration play. We look forward to becoming Noble shareholders and participating in the advancement of these properties, and other Noble holdings, through our equity interes," R. David Russell CEO and President of Galleon Gold said. 

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, Ontario.

The transaction is subject to the approval of the TSX Venture Exchange. The Noble Shares will be subject to a hold period of four months and a day under applicable Canadian securities laws.

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