Kiska Metals Corp. said Oct. 5 that it signed a definitive agreement to sell its early-stage Goodpaster gold project in Alaska to Millrock Resources Inc.

Kiska will receive a US$32,000 cash payment upon execution of the deal and will be paid US$1 for every gold equivalent ounce included in or added to the project's measured, indicated and inferred resources by the time a decision to mine is made.

The company will also be entitled to a 1% net smelter royalty on the property, half of which can be bought for US$2 million on or before the earlier of the publication of a feasibility study or a decision to mine on the property.

In addition, Kiska will receive advance minimum royalty payments of US$50,000 per year starting on the agreement's third anniversary, one of which can be postponed for a three-year period after the initial payment.

Teck Resources Ltd. recently terminated a participation agreement under which it could have earned a 51% interest in Kiska's early-stage Kliyul copper-gold project in British Columbia.