Pele Mountain Resources Inc., a Toronto-based mining firm, announced on Tuesday it has entered into a binding concurrence to sell its Highland Gold projects to a wholly-owned additional of Prodigy Gold Inc. for $1.8-million.Pele Mountain Resources Inc. opted to sell its Highland Gold projects to focus on its Eco Ridge Mine rare earths and uranium project.
"The divestiture of Highland will allow Pele to better focus its efforts on advancing growth at our Eco Ridge Mine Rare Earths and Uranium Project. Prodigy is well located to add value at Highland and to maximize Pele's ongoing interests in potential future production during our continuing royalties on the Project. We wish Prodigy every success in its efforts to increase the Magino Gold Mine and the surrounding area as well as Highland," Al Shefsky, president and CEO of Pele Mountain Resources Inc., said in a statement.
Golden Goose Resources Inc., the wholly-owned additional of Prodigy, apart from the purchase and sale agreement it entered with Pele Mountain Resources Inc., will as well acquire from Pele Gold for $25,000 its interest in a license agreement between Pele Gold and Cedar Falls Forest Resources.Cedar Falls Forest Resources holds licensed assured rights to Pele Gold in the lands situated in the township of Abotossaway, district of Algoma, Ontario.
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