Mountain Lake Minerals Inc. (CNSX:MLK) announced that it has sold its Newfoundland-based Bobbys Pond zinc-copper-lead property to Centrerock Mining Ltd., a subsidiary of Minco plc (LSE:MIO).
As quoted in the press release:
Under the terms of the two-phase sale agreement announced July 31, 2013, Centrerock acquired a 75% interest in the Property from Mountain Lake in October 2013 for a cash payment of CAD$450,000; and the granting of a 1% net smelter return royalty (‘NSR’) on commercial production to Mountain Lake, which is in addition to the existing 2% NSR on the Property held by previous owners. Centrerock has now acquired the remaining 25% of the Property from Mountain Lake for a further payment of CAD$ 175,000.
In conjunction with the sale agreement on the Bobbys Pond property, Mountain Lake acquired 3,500,000 new ordinary shares of Minco plc. The Minco shares give Mountain Lake an ongoing indirect interest in Bobbys Pond and exposure to all of Minco’s other exploration assets in Newfoundland and elsewhere.