BCGold Corp. March 28 said it will not be acquiring the Wels gold property in western Yukon Territory.

In January, BCGold had entered into an agreement with Gorilla Minerals Corp. to acquire full ownership of Wels, subject to a 3 percent net smelter return royalty.

To acquire the Wels property, BCGold was to pay C$60,000 in cash and issue 8 million of its shares to Gorilla, following a 5-1 co...