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.