Eldorado Gold (ELD-T) has sold its 37.5% interest in Energold Mining (EDG-V).
Yorkton Securities, First Marathon Securities, Goepel McDermid Securities and Haywood Securities together purchased Eldorado’s share of the company.
Energold states that it is currently unaware of any group or person that now owns a stock position greater than 10% of issued capital.
The transaction does not alter the ownership structure of the Longyear concession in the Dominican Republic. Energold holds a 49% interest and is currently operator; Eldorado holds the remaining 51% interest.
The 1090-ha concession is adjacent to the Pueblo Viejo gold-silver mine property, which contains a sulphide resource in the order of 200 million tonnes grading about 3 grams gold per tonne.
The Longyear concession exhibits prominent gold-in-soil and boulder-float anomalies in an open-ended, 600-by-700-metre area, with samples averaging 0.5 gram gold per tonne. Coincident molybdenum, lead, copper and zinc anomalies are also present on the property.
To earn its share in the property, Eldorado is required to fund all exploration activity through to a positive feasibility study and pay Energold $2 million over four years.
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