Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQB) announced in a news release it received the first payment of four from Cengiz Holdings for the sale of its 40% interest in the Halilağa copper gold porphyry deposit in northwest Turkey and the agreement regarding the transaction was amended. Closing of the revised agreement is expected on Aug. 15, 2020.
Cengiz Holdings agreed to acquire Liberty's Halilağa stake for $22 million, as initially outlined. After having paid the initial $4 million tranche, Cengiz's remaining payments to Liberty Gold are $6 million when the amended sale agreement closes and $6 million each on the first and second anniversaries of that closing date. The last two payments will be bank guaranteed.
Liberty will use the asset sale proceeds to accelerate the drill program at Black Pine, its Carlin–style, high-grade oxide gold property in southern Idaho. The exploration company intends to broaden the campaign to include about 45,000 meters of reverse circulation drilling along with core drilling, metallurgical testing and resource estimating.
"The program will expand on exceptional results thus far in 2019, augmenting historical results showing shallow oxide gold mineralization present over a 7 square kilometer area," the release noted.
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