TORONTO - QMX Gold Corp. (TSX:QMX) has firmed up a $20-million deal to sell the Snow Lake gold project in Manitoba to Liberty Mines Inc. (TSX:LBE).
Toronto-based Liberty Mines said Wednesday it sees potential for the Snow Lake project to produce 80,000 ounces of gold per year at a cash cost of C$852 per ounce.
The Snow Lake project's assets include the New Britannia mine, associated infrastructure and equipment including mill and tailings facility, and about 104 square kilometres of mineral claims and leases.
Liberty currently owns two former nickel mines, land and a nickel concentrator near Timmins, Ont.
Toronto-based QMX Gold acquired the Snow Lake gold project in 2010 from the previous operator, Garson Gold, through a share acquisition.
The companies announced a preliminary deal in August and said on Wednesday they've reached a definitive agreement, expected to close by Nov. 25, with Liberty having the option of delaying the close until January.
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