Wallbridge Mining sells Detour East claims, Quebec
Wallbridge Mining Company Ltd. [TSX: WM; OTCQB: WLBMF] has sold mineral claims comprising the Detour East property, Quebec, to Agnico Eagle Mines Ltd. [AEM: TSX, NYSE] for cash consideration of $8 million plus a 2% NSR royalty over the property (with a $4 million buyback option in favour of Agnico Eagle). The Detour East claims were the subject of an existing earn-in agreement between Wallbridge and Agnico Eagle.
The transaction provides immediate liquidity to Wallbridge and will allow it to focus on the continued exploration and development of its Detour-Fenelon Gold Trend Property located in the northern Abitibi region of Quebec.
“The sale of Detour East to Agnico strengthens our financial position and provides Wallbridge additional flexibility as we continue to advance our Detour-Fenelon Gold Trend Property,” commented Brian W. Penny, CEO. “The 2% NSR on the property enables us to maintain exposure to Detour East’s potential and is consistent with our strategy of prioritizing our two core assets Fenelon and Martiniere,” concluded Penny.
Wallbridge is focused on creating value through the exploration and sustainable development of gold projects in Quebec’s Abitibi region while respecting the environment and communities where it operates. The company holds a contiguous mineral property position totaling 598 km2 that extends approximately 82 km along the Detour-Fenelon gold trend. The property is host to the company’s flagship PEA stage Fenelon Gold Project, and its earlier exploration stage Martiniere Gold Project, as well as numerous greenfields stage gold projects.