Allied Nevada Completes 75% Divestiture Of Hasbrouck To West Kirkland Mining

 

RENO, NV - Allied Nevada Gold Corp. has completed the sale of a 75% controlling interest in the Hasbrouck and Three Hills properties to West Kirkland Mining for $20 million (including the US$500,000 non-refundable deposit previously received) pursuant to the Letter Agreement.

WKM paid Allied Nevada a non-refundable US$500,000 upon signing of the Agreement in January 2014, and agreed to pay an additional US$19.5 million upon closing for a 75% controlling interest in the Project. The final $10 million for the 25% interest retained by Allied Nevada is to be paid within 30 months after the closing date, subject to Allied Nevada's option to retain its 25% interest in the Project. In the event WKM does not meet its final US$10 million commitment to Allied Nevada, or if Allied Nevada exercises its option to decline the final payment and retain its interest in the Property, the Property will be placed into a joint venture with WKM holding a 75% interest and Allied Nevada retaining a 25% interest.