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Arcus to sell Dan Man gold property to Newmont Goldcorp

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Arcus to sell Dan Man gold property to Newmont Goldcorp

Arcus Development Group Inc. agreed to sell the Dan Man property, part of its Dawson gold project in the White Gold District of Canada's Yukon territory, to Newmont Goldcorp Corp. unit Goldcorp Kaminak Ltd.

Dan Man, which comprises 413 quartz mining claims, is adjacent to Newmont's Coffee gold project, according to an Oct. 23 news release.

As consideration, Newmont will return 14.4 million Arcus shares it bought in October 2016 as part of a structured financing and will grant a 1% net smelter royalty, which can be bought back for C$1 million.

Arcus and Newmont also agreed to terminate an October 2016 investor rights agreement in which Goldcorp Inc. acquired about 19.9% of Arcus.

Upon closing, Arcus said its portfolio will consist of the Touleary and the Shamrock gold properties in Yukon territory.