Argo Gold to sell Rockstar property for $700,000

Dec 1, 2017

2017-12-01 07:20 ET – News Release

Ms. Judy Baker reports

ARGO GOLD ENTERS INTO LETTER OF INTENT TO SELL ROCKSTAR PROPERTY

Argo Gold Inc. has entered into a letter agreement with an arm’s-length purchaser pursuant to which Argo Gold has agreed to sell its 100-per-cent interest in 16 unpatented mining claims comprising its Rockstar property located in the Sault Ste. Marie mining division for aggregate proceeds of $700,000.

Pursuant to the terms of the letter agreement the company has agreed to sell its Rockstar property, in exchange for:

$200,000 payable to the purchaser on the date of closing;
$250,000 payable to the purchaser on or before Dec. 30, 2018;
$250,000 payable to the purchaser on or before Dec. 30, 2019;
A 1-per-cent net smelter return royalty in favour of Argo Gold on the Rockstar property. The purchaser shall have a one-time right to purchase 0.5 per cent of the royalty from Argo Gold for the sum of $500,000.

Completion of the transaction will be subject to certain standard conditions including, without limitation, satisfactory due diligence and receipt of all necessary consents, waivers, permits, exemptions, orders and approvals. The parties anticipate entering into a definitive agreement and closing the transactions on or before Feb. 28, 2018.

About Argo Gold Inc.

Argo Gold is focused on gold exploration projects located in central and Northwestern Ontario. All of Argo Gold’s projects are 100 per cent owned and have indications of economic viability.

We seek Safe Harbor.

http://www.argogold.ca/index.php/press-releases.html