$$Super News out $$$$ Golden Phoenix Minerals Reports Impending Sale of Borealis Gold Project
RENO, Nev., Feb. 12 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - news) announced today that it has signed a letter agreement with Seabridge Resources, Inc., Toronto, Canada (CDNX: SEA - news) to sell its Borealis gold project in Mineral County, Nevada.
At closing, Seabridge will issue to Golden Phoenix $500,000 cash, $500,000 in two interest-free promissory notes, and 250,000 common shares. The first promissory note of $250,000 will be payable one year from closing and the second note will be payable two years from closing. Closing is anticipated in approximately 45 days.
Michael Fitzsimonds, President of Golden Phoenix Minerals, said, ``This sale allows Golden Phoenix to better focus on bringing its Mineral Ridge mine back to gold production, which is where the near term value of the company lies for its shareholders. Once we get the mine operational, then we plan to acquire other gold properties that also have near term production possibilities and grow the company through Nevada gold production.''
biz.yahoo.com
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Holy Man,, added a nice chunk of ITRO and GPXM yesterday.. little did I know.
this is great news for balance sheet, IMO.
ITRO had news out also, |
