Wallbridge Mining (OTCQB:WLBMF) said Thursday it sold mineral claims comprising the Detour East property to Agnico Eagle Mines (NYSE:AEM) for C$8 million (US$5.7 million) in cash plus a 2% net smelter return royalty over the property, with a C$4 million buyback option in favor of Agnico Eagle.
Wallbridge (OTCQB:WLBMF) said the deal provides immediate liquidity and allows it to focus on the continued exploration and development of its Detour-Fenelon gold project in Quebec’s Abitibi region.
The company said the 2% NSR on the property will enable it to maintain exposure to Detour East’s potential and is in line with its strategy of prioritizing its two core assets, Fenelon and Martiniere.