Mississauga, ON -- (SBWIRE) -- 12/03/2013 -- AllPennyStocks.com Media, Inc. (http://www.AllPennyStocks.com/) announces its latest article titled “Calico Resources Shares Surge on Sale of Grassy Mountain Gold Project.”
Companies mentioned in this article include Calico Resources Corp. (TSX-Venture:CKB) and Seabridge Gold Inc. (TSX:SEA).
The volatility of gold and silver prices in 2013 has slowed merger and acquisition activity, as many majors seem more focused on cost-cutting actions to try and fence in some profits. Big-ticket acquisitions, which require a lot of capital expenditures, have especially been limited this year as companies lick their wounds from paying premium prices when precious metals were soaring in recent years. That leaves companies searching for projects that have significant proven reserves that are owned by other miners looking to divest some assets in favor of working capital and royalties.
In a three-way deal announced on Tuesday, Calico Resources Corp. (TSX-Venture:CKB) and Seabridge Gold Inc. (TSX:SEA) agreed to terms with privately-held RockStar Resources, Inc. regarding the Grassy Mountain Gold project in Oregon. Calico Gold is selling the project to RockStar via the sale of all the shares of Calico Resources USA Corp., it’s wholly-owned subsidiary, for $30 million and 1-percent net smelter returns royalty. The Grassy Mountain Gold project is the only property of Calico.
The full version of this article can be found at:
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