News: KalNorth Gold Mines selling non-core project for $1.8M

KalNorth Gold Mines (ASX:KGM) has entered into an agreement to sell its non-core Mount Jewell Gold Project to Norton Gold Fields (ASX:NGF) for $1.8 million.

Following payment of the deferred purchase consideration to the previous holder, proceeds will augment the company’s working capital and enable it to undertake limited exploration activity.

Completion and settlement of the sale agreement is anticipated within the next two weeks.

Mt Jewell has a Resource of 8.62 million tonnes at 1 grams per tonne gold for 275,600 ounces of contained gold.