A2Gold to sell noncore Nevada gold project
TSX-V-listed gold and silver exploration company A2Gold has entered into a definitive agreement to sell its Bolo gold project, in Nevada, in the US, to Super Gold Mining for an initial C$1.5-million in Super Gold shares.
The agreement further stipulates the replacement by Super Gold of about $198 500 in reclamation bonding, allowing A2Gold's existing reclamation funds to be released; up to C$2.4-million in cumulative mineral resource milestone payments based on the size of future gold-equivalent mineral resources defined at Bolo; and an additional C$400 000 payment upon completion of a qualifying preliminary economic assessment.
"The sale of Bolo monetises a noncore asset, releases capital tied up in reclamation bonding and preserves exposure to its future success through an equity position in Super Gold and up to C$2.8-million in additional payments. The transaction positions Bolo for advancement by a group committed to funding the project, while allowing A2Gold to focus on [our] Eastside and Taylor [projects], where we see the greatest opportunity to create shareholder value," A2Gold CEO Peter Gianulis comments.
