Patrick Cheetham, executive chairman, said this was the first of what it hopes will be a number of project disposals following the decision to focus on CS.
Canadian Venture exchange listed VR Resources is acquiring the project for a small cash and share sum, though there is the potential for further share earn-outs and royalty payments on production equal to 3% of the Net Smelter Return.
“VR is a recently listed and well-funded company run by seasoned industry professionals with a track record of delivering value for shareholders,” Cheetham added in a statement.
“We believe this agreement offers the company a "ground-floor" and well timed opportunity to participate in VR's future successes, not just with the Junction Project, but also with its other exciting exploration projects, most notably the large-scale porphyry copper-gold system at its Bonita Property, which VR is drilling this summer following some 2½ years of district-scale exploration targeting. Bonita is also located in Humboldt County.”