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Desert Mountain Energy Closes Sale of its Yellowjacket Gold Project and Atlin, B.C. Properties to Brixton Metals
(via TheNewswire) September 6, 2018 / TheNewswire / Vancouver, British Columbia -- DESER...
About this update from Desert Mountain Energy Corp.
[{"type":"text","content":"Desert Mountain Energy Closes Sale of its Yellowjacket Gold Project and Atlin, B.C. Properties to Brixton Metals(via TheNewswire)\n \n \nSeptember 6, 2018 / TheNewswire / Vancouver, British Columbia -- DESERT MOUNTAIN ENERGY CORP. (the \"Company\") (TSX.V: DME) is pleased to announce that it has now closed the sale of all of its right, title and interest in the Yellowjacket Gold Project and related mineral tenures in the Atlin, B.C. mining camp (the \"Property\") to Brixton Metals Corporation (TSX.V: BBB) (\"Brixton\"), pursuant to the Asset Purchase and Sale and Royalty Agreement dated August 3, 2018, between the parties (the \"Agreement\").\n\n \n \nUnder the terms of the Agreement, the Company has sold to Brixton all of the Company's mineral claims in the Property, comprising 51 claims covering an area of approximately 28,589.76 hectares, which encompasses the permitted Yellowjacket Gold Mine in the Pine Creek Area 9 km E of Atlin, as well as other hard-rock claims in the district deemed to be highly prospective exploration targets for gold mineralization. The Company has also released its interest in and requested the B.C. Ministry to transfer for the benefit of Brixton all of the Company's rights to: (i) the Reclamation Bonds which are held in trust by the Government of B.C. in respect of the Property, aggregating approximately $172,051; and (ii) the Mines Act Permit issued for the Yellowjacket Gold Mine, # M-235, RSBC 1996, c 293, as amended, together with certain other exploration and environmental permits relating to the Property. The Company has also transferred to Brixton all documents, data, reports, studies, drill core, assays and other technical information relating to the Property.\n\n \n \nIn consideration for all of the above, Brixton has paid to the Company the sum of $50,000 in cash and has issued to the Company 4,300,000 fully paid and non-assessable Common Shares of Brixton. Said Shares bear a legend imposing a trading restriction as follows: (i) as to 1 Million Shares, 6 months from closing; (ii) as to 1 Million Shares, 12 months from closing; (iii) as to 1 Million Shares 18 months from closing; and (iv) as to 1.3 Million Shares 24 months from closing. In addition, Brixton has agreed to pay to the Company a 1.0% net smelter returns royalty (NSR) on all ore produced from the Property in perpetuity, subject to...