- Element79 Gold (CSE:ELEM) has sold two of its properties from its Battle Mountain Portfolio in Nevada
- The company has sold the properties to a subsidiary of Centra Mining
- Centra will purchase all of Element79’s interests and obligations in the Long Peak Project and the Stargo Project
- Shares of Element79 Gold (CSE:ELEM) are up 12.50 per cent to C$0.045 as of 1:31 p.m. ET
Element79 (CSE:ELEM) has sold two of its properties from its Battle Mountain Portfolio in Nevada.
In a news release, the company said the properties had been sold to a subsidiary of Centra Mining.
Under the terms of the agreement, Centra purchased all of Element79 Gold’s interests and obligations related to the Long Peak Project and the Stargo Project for C$1 million and an aggregate of 2.5 million shares at a price of $0.4 per share.
“The sale of Long Peak and Stargo to Centra marks another milestone in Element79 Gold’s journey for the strategic development of its high-grade gold assets,” James Tworek, CEO of Element79 Gold, said in a statement.
The Battle Mountain Portfolio was initially composed of 15 separate projects spanning 44,478 acres across 2,203 unpatented claims in five counties, including Elko County, Eureka County, Humboldt Country, Lander County and Nye County.
Element79 Gold is a mining company primarily focused on gold and silver and is advancing two core properties. It is also developing its previously producing, high-grade gold and silver mine, the Lucero project in Peru and its flagship Maverick Springs Project in Nevada.
Shares of Element79 Gold are up 12.5 per cent to C$0.045 as of 1:31 p.m. ET.
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