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Val-d'Or Mining to sell 10 precious, base metals properties in Quebec

Val-d'Or Mining Corp. said Dec. 23 it agreed to sell 10 exploration properties in Quebec prospective for precious and base metals, collectively referred to as Horne North prospects, to a privately owned miner.

British Columbia's Progenitor Metals Corp. will issue 5,345,657 shares at a deemed value of 20 Canadian cents per share for a total value of C$1.1 million, 80% of which will go to Val-d'Or and 20% to Golden Valley Mines Ltd.

Val-d'Or recently acquired the properties from Golden Valley Mines as part of a larger property package to complement its portfolio of early-stage exploration properties.

The buyer has agreed to go public within 21 months, failing which the properties will revert back to the company and it will return 50% of the consideration to the purchaser.