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Stellar AfricaGold Sells Eastmain River Claims and Completes Balandougou Acquisition
Mar. 14, 2017 09:25AM PST
Precious MetalsStellar AfricaGold (TSXV:SPX) has announced that it has agreed to sell its Eastmain River claims in Quebec to Amex Exploration for 350,000 shares and a 1.5 net smelter return royalty of which 50 percent may be bought back for $750,000. As quoted in the press release: BALANDOUGOU ACQUISITION CLOSED The Company has issued 750,000 shares …
Stellar AfricaGold (TSXV:SPX) has announced that it has agreed to sell its Eastmain River claims in Quebec to Amex Exploration for 350,000 shares and a 1.5 net smelter return royalty of which 50 percent may be bought back for $750,000.
As quoted in the press release:
BALANDOUGOU ACQUISITION CLOSED
The Company has issued 750,000 shares completing the acquisition of UltraGold Holding LLC’s (“UltraGold) 49% interest in the Balandougou Gold Project properties. The shares are subject to a four-month hold period expiring July 14, 2017. (see news release January 25, 2017)
COMMENTARY
“Stellar’s primary focus is and will continue to be its now wholly-owned Balandougou gold project in Guinea where the 15,000 tonne bulk sample program (news release March 1, 2017) is proceeding on time and on budget” said Stellar president John Cumming. “The two Eastmain River claims blocks, the 1,950 hectares 37 claim Eastmain South and the 840 hectares Eastmain North, are a non-core asset that competes for available exploration funds with our core project, Baladougou. The conversion of the Eastmain River claims into marketable securities will strengthen Stellar’s balance sheet. Finally, Stellar retains a royalty and will participate in any ultimate exploration success at Eastmain.”
