JOHANNESBURG (miningweekly.com) – TSX-listed Excellon Resources has agreed to sell its DeSantis property, in Ontario, to fellow-listed Oban Mining in an all-share transaction.
Mexico-focused Excellon CEO Brendan Cahill said that the sale of the property in the Porcupine mining division in Ogden for 850 000 shares in Oban was a way of unlocking value for shareholders in the current market conditions.
“Oban has a high-quality portfolio of projects in Canada and we are very pleased to be a shareholder,” he said.
Oban owns the high-grade Windfall Lake gold deposit located between Val-d'Or and Chibougamau in Québec, and also holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area of Québec. The company holds interests and options in a number of additional properties in northern Ontario.
The transaction was expected to close before January 8, and was subject to the approval of the TSX and other customary conditions for a transaction of this nature.
Edited by: Mariaan Webb
Creamer Media Senior Deputy Editor Online
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