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January 27, 2014
07:35 EDTANVAllied Nevada Gold divests Hasbrouck, Three Hills properties for $30M
Allied Nevada Gold signed a Letter Agreement with West Kirkland Mining to divest its non-core Hasbrouck and Three Hills properties for a total purchase price of $30M. The Hasbrouck property consists of twenty-eight patented mining claims and five hundred eighty-three unpatented mining claims and the nearby Three Hills property consists of six patented mining claims and one hundred unpatented mining claims located in Nye County and Esmeralda County, Nevada, U.S.A. WKM paid Allied Nevada a non-refundable $500,000 upon signing of the agreement, and agreed to pay an additional $19.5M upon closing, expected to be no later than April 24, 2014. The final $10M is to be paid to Allied Nevada within 30 months after the closing date, subject to Allied Nevada's option to retain an interest in the Property. In the event WKM does not meet its final $10M commitment to Allied Nevada, or if Allied Nevada takes the option to decline the final payment and retain and interest in the Property, the Property will be placed into a joint venture with WKM holding a 75% interest and Allied Nevada retaining a 25% interest.
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