The Snow Lake gold project’s assets comprise the New Britannia mine with associated plant, infrastructure, and equipment, as well as a 2,150 tonne-per-day modern mill and tailings facility.
The proceeds of the sale will be used by QMX Gold to pay existing debt obligation to Third Eye Capital as well as for general working capital purposes.
QMX Gold president and chief executive officer Brett New said, "Having executed the definitive agreement with Liberty was an important step in moving the transaction forward."
"This transaction will ultimately allow QMX to repay its bridge lender in full and focus on its Quebec operations," New added.
The transaction, which is subject to government, shareholder and regulatory approvals, is expected to be completed on or before 25 November 2013.
