Calico Resources Sells Grassy Mountain for $35M

Calico Resources (TSXV:CKB), which owns the Grassy Mountain gold play in southeast Oregon, on Tuesday announced it has agreed to sell the project to private company Rockstar Resources for a consideration of $35 million.

Grassy Mountain has reached the prefeasibility stage and contains a reported 2.3 million ounces of gold and 5.8 million ounces of silver, with a projected minelife of 10 years.

As reported in the market news:

“We are extremely pleased to announce the inaugural acquisition by RockStar of a high quality U.S. advanced stage exploration project that meets our strict profile for opportunity,” said Dennis E. Wheeler, Chairman and Chief Executive Officer of RockStar. “Calico has already made substantial investment into the development of the Grassy Mountain Project. With RockStar’s expertise in permitting, mine design and optimization, and operational development, we expect to expeditiously advance this major gold project through feasibility and toward production.”

Click here for the full press release by Rockstar Resources, Inc.