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White Gold to acquire QV gold project from Comstock Metals

White Gold Corp. said Jan. 14 that it inked a binding letter agreement to acquire the QV gold project in Canada's Yukon Territory from Comstock Metals Ltd. for a total of C$2.6 million in cash, shares and share purchase warrants.

The 16,335-hectare project is contiguous to the company's White Gold property, which hosts the Golden Saddle and Arc deposits, and will expand its total holdings in the White Gold District to around 439,000 hectares. It is subject to a 2% underlying net smelter return royalty, half of which may be bought back for C$2.5 million.

White Gold plans to incorporate the property in its regional exploration program, backed by partners Agnico Eagle Mines Ltd. and Kinross Gold Corp.

The transaction remains subject to various closing conditions, including the completion of satisfactory due diligence and the necessary regulatory approvals.