Canada-based gold exploration company Pilot Gold has signed an agreement to sell 100% of its interest in the Regent exploration property to Rawhide Mining for a cash consideration of $3m.
On commencement of production, Pilot Gold is entitled to a sliding scale gold equivalent bonus payment and will retain a net profits royalty of 15% on the property.
Under the deal, NSGold Nevada, the US subsidiary of NSGold, has an option to purchase a 100%-interest in the property during the ten-year agreement term for $1.25m.
Canadian exploration company Probe Mines has acquired a 100%-interest in two properties to the east of the company’s Borden Gold Project in Canada for $20,000 cash and 50,000 shares.
The purchase was made by staking an additional 590 claim units contiguous to the properties. The claim units are also contiguous with the recently-acquired Ivanhoe and Ava-Claire properties.
Purchased properties comprise two blocks of 17 and 45 claim units respectively, containing historical grab samples of up to 3g/t Au.
US-based Leucadia National, Inmet Mining’s largest shareholder with 15.9% stake, plans to offer its shares to First Quantum Minerals.
The investment holding company has expressed its support for a $5.1bn hostile takeover bid proposed by First Quantum, to acquire Inmet.
Platinum producer Impala Platinum has agreed to transfer a 51% stake in its Zimplats mines to black Zimbabwean groups.
An agreement to transfer the shareholding was signed with the Zimbabwean government under its policy to indigenise the mining and platinum sector.