Fronteer Gold Announces Sale Of 10 exploration Projects
VANCOUVER, BC - Fronteer Gold reported that it has signed a definitive agreement to sell a 100% interest in 10 gold properties in Nevada to Bridgeport Ventures. The Agreement includes projects derived principally from Fronteer Gold's Nevada Eagle portfolio purchased earlier this year.
Under the terms of the Agreement, Bridgeport Ventures will issue an aggregate of 4.5 million common shares as consideration for the sale. In addition, Fronteer Gold will reserve a 2% Net Smelter Return royalty on each of the 10 projects. At the close of trading on October 22, 2010, the share consideration was valued at $5.6 million. The transaction is expected to close before November 15, 2010, and remains subject to customary regulatory approvals.
"Partnering with an experienced and well-funded management team such as Bridgeport Ventures gives Fronteer Gold additional exposure to near-term exploration success while we dedicate our full attention and resources to advancing our Long Canyon, Northumberland and Sandman gold deposits to production," said Fronteer Gold President and CEO Mark O'Dea.
The company's address is Suite 1650, 1055 West Hastings,Vancouver, BC V6E 2E9, 604.632.4677 , fax: 604.632.4678, email: [email protected].