Visible Gold, headquartered in Rouyn-Noranda, Que., has agreed to purchase the remaining 40% interest in the Cadillac East gold project from Cadillac West Explorations, a subsidiary of Liberty Gold Corp. Visible Gold will then be the 100% owner of the project.
The purchase is a share-only deal. Visible Gold will issue 750,000 common shares with a deemed value of $0.06 each to Cadillac West. The Cadillac East property is subject to a 1.5% net smelter return royalty to be paid to the former owners.
Visible Gold also holds the Lucky Break and Cadillac Break claims along 24 km of the prolific Cadillac Fault.
This story first appeared at Canadian Mining Journal.