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Pitchblack selling Division Mountain coal project in Yukon for C$100,000

Pitchblack Resources Ltd. said Aug. 8 that it agreed to sell its Division Mountain coal project in Canada's Yukon Territory for C$100,000 to an undisclosed buyer as part of the company's strategic review of its assets.

Pitchblack has written off the value of Division Mountain as it has not conducted any exploration work at the site in the past few years.

The buyer will assume all property maintenance payments and obligations and will indemnify the company against any environmental or reclamation obligation and liabilities.

The transaction is subject to the approval of the TSX Venture Exchange's NEX board and is scheduled to close Aug. 18.