North American Palladium Ltd. (PAL: Quote,PDL.TO: Quote) said it has closed the sale of its Quebec-based gold division, NAP Quebec Mines Ltd., to Maudore Minerals Ltd (MAO.V: Quote). The purchase price paid by Maudore consisted of $18 million in cash and 1.5 million common shares of Maudore, which shares are listed for trading on the TSX Venture Exchange.
NAP Quebec Mines holds the Vezza mine, the Sleeping Giant mine and mill complex, and its nearby portfolio of exploration properties. A binding agreement in respect of the sale was entered into on closing.
Andre Douchane, Interim Chief Executive Officer of North American Palladium said, “Through the divestiture of the gold division, North American Palladium can now be completely focused on the Lac des Iles expansion and operation. The Lac des Iles mine is a world class palladium asset that is expected to be the main source of our future growth in production and cash flow.”
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by RTT Staff Writer
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