Empire Metals Limited has signed an agreement to sell its stake in Bolnisi Copper-Gold Project in Georgia to explorer and developer Candelaria Mining Corp for CAD7mn ($5.31mn), the company said in a statement.
The company holds a 50pc share in the Bolnisi Gold and Copper Project that covers an area of over 860sq km and has a 30-year mining license.
The project is located in the under-explored part of the Tethyan Belt, a region that hosts several high-grade copper, gold, and polymetallic deposits and mines.
It has a variety of targets and projects ranging from greenfield exploration/target definition phase through intermediate target-testing phases to more advanced projects.
Candelaria is expected to pay CAD2mn in shares and then three further payments in shares of CAND of CAD1mn, CAD2mn, and CAD2mn totaling CAD5mn on achieving certain milestones.
The company’s officials Mike Struthers and Neil O’Brien would join Candelaria as CEO and chairperson, respectively. The appointments are subject to the closing of the transaction planned for December 7, 2020.
($1 = CAD1.31771)