Silver Range to sell namesake
Last updated 9/11/2016 at Noon
Silver Range Resources Ltd. Sept. 1 reported the signing of an optional sale agreement with an un-named private British Columbia company, related to the Silver Range zinc-silver-lead project in Yukon Territory.
Under the terms of a letter of intent, the purchaser may acquire full ownership of the Silver Range project by making a series of timed share issuances to Silver Range as specific milestone events are achieved before the end of 2020.
Silver Range will retain smelter return royalty interests of 2 percent on all future precious metals production and 1 percent on all future non-precious metals production from the Silver Range project.
In March, Silver Range elected to change its business model from the advanced exploration of zinc-silver-lead prospects in Yukon to a project generator with a focus on high-grade gold targets in Nunavut, the Northwest Territories and Nevada.
Over the past four months, Silver Range has assembled a portfolio of about 16 gold projects and has started to market these properties to interested third parties.
The proposed sale of the Silver Range project is consistent with the change of business model.