Echo Bay sells stake in Muscocho

Denver-based Echo Bay Mines (TSE) has sold its entire equity interest in Muscocho Explorations (TSE).

The senior sold 11.5 million shares privately at 25 cents each for proceeds of $2.9 million. The shares represent 24.8% of the issued and outstanding Muscocho shares.

As a result of the sale, Echo Bay will record a pretax gain of US$2.2 million. The company also experienced a US$3.2 million gain from the sale of a 50% interest in the Kensington gold project, 50 miles north of Juneau, Alaska.