North of 60 Mining News - The mining newspaper for Alaska and Canada's North

IDM Mining Ltd. Dec. 21 said it has entered into a non-binding letter of intent to sell its extensive portfolio of Yukon properties to StrikePoint Gold Inc., a Vancouver, B.C.-based exploration company with gold properties in Ontario and Manitoba.

The Yukon portfolio to be vended to StrikePoint includes 282,000 hectares (696,800 acres) of Yukon mining claims IDM acquired from Oban Mining Corp. late in 2015. This extensive portfolio consists of 51 properties previously held by Ryan Gold Corp.

"StrikePoint is very enthusiastic about the acquisition of the Yukon portfolio from IDM; the properties have seen C$25 million in exploration expenditures," said StrikePoint CEO Shawn Khunkhun.

To acquire the properties, StrikePoint has agreed to pay C$150,000 in cash and issue 10 million company shares valued at C38.5 cents.

In addition to the C$4 million of cash and shares, StrikePoint will be required to invest C$1.5 million for exploration at the Yukon properties by the end of 2017.

"IDM is looking forward to being a substantial equity holder of StrikePoint and the Yukon portfolio being advanced during 2017," said IDM President and CEO Rob McLeod.

IDM will also be granted certain anti-dilution rights, the right to appoint two members of StrikePoint's board of directors and a right of first refusal over any proposed vending of the Yukon properties during the two year period following closing.

-SHANE LASLEY