LeadFX Announces Sale of Interests in Utah Mining Claims

LeadFX (TSX:LFX) has announced it has signed definitive documentation to sell its indirect equity and debt interests in Chief Consolidated Mining Company, which it owned an 83.5 percent interest in through a wholly-owned subsidiary.

Proceeds from the sale of LeadFX’s interests in Chief total US$4.5 million of which US$3.0 million is due at closing and a further US$1.5 million, subject to adjustments, is due 12 months after closing.

According to LeadFX, Chief owns approximately 14,000 acres of land, of which approximately 13,000 acres are patented mining claims, in the Main Tintic and East Tintic Mining District, located across Utah County and Juab County, Utah, USA. The district is about 60 miles south of Salt Lake City near the town of Eureka, and is prospective for lead, silver, zinc, copper and gold.

As quoted in the press release:

The company’s interests are being sold to Ruby Hollow LLC and 321888 LLC – unrelated special purpose companies associated with Riverfield Capital – a mining, investment and capital markets business.

Click here to read the full LeadFX (TSX:LFX) press release.