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Equinox Gold selling Elk gold project in British Columbia for C$10M

Equinox Gold Corp. agreed to sell its Elk gold project in British Columbia through the sale of its Gold Mountain Mining Corp. subsidiary to privately listed Bayshore Minerals Inc. for C$10 million.

Bayshore Minerals paid C$1 million in cash upon closing, and the companies negotiated a secured promissory note for the remaining C$9 million, payable in annual C$3 million installments starting two years from closing, according to a May 22 release.

Equinox Gold said the amount due will be adjusted to C$8 million if settled within two years and to C$9.5 million if payment is made within three years.

The company recently achieved the first gold pour at its Aurizona mine in Brazil.