Royalty-holder Franco-Nevada Mining (TSE) has bought a 2% net smelter return royalty (NSR) in the Goldfields project from Greater Lenora Resources (TSE). The price: $2 million.
The northern Saskatchewan project consists of two open-pit deposits known as Box and Athona. Proven and probable reserves total 1.6 million oz. gold. Lenora will use half the funds from the sale to develop the deposits further and explore for more reserves.
Franco will be able to acquire an additional 1% NSR for $1.5 million within 90 days after presentation of a bankable feasibility report. The royalties cover the existing deposits and any new reserves to be developed in the surrounding 250,000 acres of mutual interest lands.
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