Listed miner Iamgold will buy the remaining 25% of the Monster Lake project, in the Chibougamau mining camp, Quebec, from TSX-V-listed TomaGold in an C$8.5-million cash-and-share transaction.
The Monster Lake project comprises the Monster Lake, Winchester and Lac à l’eau jaune properties in the Chibougamau mining camp.
TomaGold first entered into an agreement with Iamgold over the Monster Lake project in 2013.
“We are proud of what we have accomplished with Monster Lake, taking a promising exploration gold project and developing it into a high-grade gold deposit with the help of our joint venture partner, Iamgold,” said TomaGold president and CEO David Grondin.
Completion of the sale of the minority interest is subject to approval by TomaGold shareholders at a special meeting to be held in November.