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Montego inks LOI to acquire Northern Empire's Kiyuk Lake gold property

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Montego inks LOI to acquire Northern Empire's Kiyuk Lake gold property

NorthernEmpire Resources Corp. said July 7 that it has entered into aletter of intent in which Montego Resources Inc. will acquire the company'sKiyuk Lake goldproperty in Nunavut, Canada.

The deal is contingent on Montego raising at least C$750,000and completing satisfactory due diligence as well as both parties securing allneeded approvals.

In exchange for Kiyuk Lake, Montego will issue 19.9% of its shares,following the closing of the financing.

Northern Empire has the right to nominate two directors tothe Montego board.

The two parties have agreed to work in good faith to executea definitive agreement within the next 60 days.