Armistice Resources Corp. (TSX: AZ), which is moving toward gold production at its McGarry Mine 40 kilometres east of Kirkland Lake, has plans to buy the 2,000-acre Kerr Mine workings and related mineral properties.
Armistice has signed a letter of intent with a group of private investors to spend a year to complete due diligence and sign a definitive option agreement to purchase full ownership of the property, which sits next to the McGarry Mine.
If it moves forward, Armistice will make five annual payments of $500,000 to the private investors for a total of $2.5 million and issue two million common shares to the group.
Throughout its operating life which spanned 1938 to 1996, the Kerr Mine produced nearly 11-million ounces of gold, mined from surface to a depth of 4,500 feet and over a strike length of 3,200 feet. A group of private investors acquired the property in 1996.
.jpeg;w=120;h=80;mode=crop)
