QMX sells Snow Lake to Liberty for $20m
JOHANNESBURG (miningweekly.com) – TSX-listed QMX Gold has agreed to sell 100% of its Snow Lake gold project, in Manitoba, to nickel exploration company Liberty Mines for $20-million.
Newly appointed Liberty president and CEO David Rigg, who replaced Pat Gleeson, said in a statement that the deal positioned Liberty Mines as a near-term gold producer, with two fully permitted mills located in two Canadian gold camps.
A 2010 feasibility study outlined the project’s measured and indicated resources of 725 000 oz at 4.14 g/t and inferred resources of 336 000 oz at 4.43 g/t.
The property's assets included the New Britannia mine with associated plant, infrastructure and equipment, including a fully permitted 2 150 t/d modern mill and tailings facility.
The disposal of the gold and copper mine would financially strengthen QMX, which would use the proceeds from the sale to pay its existing debt obligation to Third Eye Capital, as well as general working capital, said incoming CEO, president and director Brett New, who replaced Francois Perron.
“… we will continue to pursue custom milling and other strategic opportunities in Quebec,” New added.
The parties on Thursday entered a binding agreement, which resulted in Liberty placing $1-million into the trust account of its legal counsel, to be released when a definitive purchase agreement was effected.
The balance would be paid upon closing of the transaction, which was expected to occur on, or before, November 25 - but Liberty would be able to buy an extension until January 14 for $100 000.
The deal remained subject to Liberty’s completion of a due diligence review, the parties obtaining all necessary government and regulatory approvals in Canada and China and Liberty securing the financing necessary to complete the acquisition.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















