Tuesday, 14th September 2004 (2593 views)

Canadian mining firm Sudbury Contact Mines has revealed that it is to sell its gold and other precious metal exploration properties.

According to the firm, the board of directors has approved the sale and the assets will be sold to Agnico-Eagle Mines - a 44.2 per cent shareholder.

A purchase price of $3.29 million was based on a valuation and various consultations.

Providing regulatory approval is obtained the deal is set to go through by September 30.

In addition funds made from the transaction are to be used for general corporate purposes.

Sudbury is an exploration and development company with gold and diamond properties in Quebec, Ontario, Northwest Territories, Newfoundland, Idaho and Nevada.

 

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