Business
Desert Mountain Energy Sells Its Placer Mining Interests at Atlin, B.C.
(via TheNewswire) Vancouver, British Columbia / TheNewswire / May 8, 2018 - DESERT MOUNT...
About this update from Desert Mountain Energy Corp.
[{"type":"text","content":"Desert Mountain Energy Sells Its Placer Mining Interests at Atlin, B.C.(via TheNewswire)\n\n \nVancouver, British Columbia / TheNewswire / May 8, 2018 - DESERT MOUNTAIN ENERGY CORP. (the \"Company\") (TSX.V: DME) is pleased to announce that it has sold its placer mining tenures in the Atlin, B.C. mining camp to Altan Mining Ltd., of Delta, B.C. (\"Altan\"). The tenures sold were comprised of Placer Lease 361733, Placer Claim 350665 and Placer Claim 379882 (collectively, the \"Placer Interest\") covering an aggregate of approximately 466.15 hectares at the Yellowjacket Gold Project in the Pine Creek Area, 9 km E of Atlin. \n\n \n \nAltan is controlled by Mr. Matt Norris, who has been exploring and mining portions of the Placer Interest for the past two seasons under a lease arrangement with the Company. Management of the Company has concluded that it is in the best interests of the Company and its shareholders to divest the Placer Interest at this time, as placer mining is not a business objective of the Company. Altan is paying the Company $75,000 in cash for the Placer Interest and reimbursing the Company for the 2018 lease fees paid by the Company in respect of Placer Lease 361733. The Company retains full ownership and control of the Yellowjacket Gold Mine and related hard-rock tenures.\n\n \n \nThe Company and Mr. Norris have had a very positive working relationship over the past two seasons and are committed to a cooperative relationship that includes information sharing. In recognition of the Company's paramount rights to the Yellowjacket Gold Mine and related hard-rock tenures, Altan's activities are subject to certain reasonable restrictions and the Company retains an absolute right of pre-emption if necessary to avoid conflict with the Company's exploration, development and/or mining activities on site. \n\n \n \nAccording to Irwin Olian, CEO of the Company, \"Divestment of the Atlin placer tenures is a further step in the new direction being pursued by the Company as reflected in its acquisition of the Heliopolis helium project in Arizona's Holbrook Basin the Kight Gilcrease Sand Unit Oil Field in Oklahoma. We will continue to hold the Yellowjacket Gold Mine as a portfolio asset while attempting to realize value from it in the future for the benefit of our shareholders.\" \n\n \n \nAbout Desert Mountain Energy\n\n \n \...