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Desert Mountain Energy Enters into Agreement to Sell its Yellowjacket Gold Project and Atlin, B.C. Properties to Brixton Metals
(via TheNewswire) August 7, 2018 / TheNewswire / Vancouver, British Columbia -- DESERT M...
About this update from Desert Mountain Energy Corp.
[{"type":"text","content":"Desert Mountain Energy Enters into Agreement to Sell its Yellowjacket Gold Project and Atlin, B.C. Properties to Brixton Metals(via TheNewswire)\n\n \nAugust 7, 2018 / TheNewswire / Vancouver, British Columbia -- DESERT MOUNTAIN ENERGY CORP. (the \"Company\") (TSX.V: DME) is pleased to announce that it has signed a binding Asset Purchase and Sale and Royalty Agreement (the \"Agreement\") with Brixton Metals Corporation (TSX.V: BBB) (\"Brixton\"), pursuant to which it is selling 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 on the terms and conditions set forth therein.\n\n \n \nUnder the terms of the Agreement, the Company has agreed to sell to Brixton and Brixton has agreed to purchase, all of the Company's title and interest in all of its 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 previously sold its placer mining tenures in the Atlin mining camp to Altan Mining Ltd., of Delta, B.C. (see PR dated May 8, 2018).\n\n \n \nThe Company has also agreed to release and transfer to 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 is also transferring 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 agreed to pay to the Company on closing the sum of $50,000 in cash and to issue to the Company on closing 4,300,000 fully paid and non-assessable Common Shares of Brixton. Said Shares shall 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 Mill...