Yorbeau Resources Inc. agreed to sell its net smelter royalty over the Ellison gold property in Quebec to Agnico Eagle Mines Ltd. for about C$2.3 million.

The company received the NSR as part of the sale of the property to Agnico in 2002.

In addition to the NSR sale, the remaining installment of the transaction amounting to C$500,000, which is payable upon commencement of commercial production, would no longer be applicable.

Yorbeau plans to use the proceeds for working capital purposes, it said May 31.