True North Gems Sells Interest in Bandito Project to Endurance Gold

True North Gems Inc. (TSXV:TGX)  announced that it has sold its interest in the Bandito project in the Yukon Territory to Endurance Gold Corporation (TSXV:EDG) for a combination of shares and cash.

As quoted in the press release:

Under the agreement, Endurance will pay True North five million Endurance common shares and $50,000 cash following TSX Venture Exchange acceptance of this agreement. One million of the common shares will be subject to the standard hold period, while the remaining four million shares will be issuable in two tranches of two million shares each. The hold periods of these two tranches expire on July 1, 2013 and December 31, 2013, respectively.

True North’s President and CEO Nick Houghton said:

The Bandito project was a non-core asset for the Company; as such this sale ensures all focus remains on moving the Aappaluttoq ruby project in Greenland into commercial production.

To view the whole press release, click here.