The property consists of claims which Victoria Gold acquired from Newmont Mining, through a purchase agreement dated 13 May 2003.
Total consideration for the purchase of the property of up to $24m shall be satisfied by the delivery of $15m to Victoria on closing of the transaction.
The closing of the sale of the Mill Canyon property is expected to happen in June 2012.
Victoria Gold is an emerging gold producer whose flagship asset is its 100% owned Dublin Gulch property, which hosts the Eagle Gold Deposit.
