Newrange Gold Corp. (NRG:TSX.V; NRGOF:OTC) announced in a news release it agreed to sell its Yarumalito gold project in Colombia to GoldMining Inc. for $1.2 million in common shares and $200,000 in cash. The transaction is expected to close by Dec. 2, 2019.
GoldMining already paid $25,000 as a deposit. Newrange will retain a 1% net smelter return royalty, which GoldMining may purchase for $1 million at any time before the feasibility study on Yarumalito is completed.
With this sale of Yarumalito, Newrange will have monetized all of its Colombian exploration assets as intended. The proceeds from this and previously announced transactions will help fund exploration of Pamlico, the gold firm's flagship project in Nevada.
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