True North Gems Completes Sale of Yukon Rare Earth Project
True North Gems Inc. (TSX VENTURE:TGX) ("True North" or the "Company") announces
it has entered into an agreement to sell its 100% interest in the Bandito
project in the Yukon Territory to Endurance Gold Corporation (TSX VENTURE:EDG)
("Endurance") for a combination of shares and cash.
True North President and CEO Nick Houghton said: "The Bandito project was a
non-core asset for the Company; as such this sale ensures all focus remains on
moving the Aappaluttoq ruby project in Greenland into commercial production."
Under the agreement, Endurance will pay True North five million Endurance common
shares and $50,000 cash following TSX Venture Exchange acceptance of this
agreement. One million of the common shares will be subject to the standard hold
period, while the remaining four million shares will be issuable in two tranches
of two million shares each. The hold periods of these two tranches expire on
July 1, 2013 and December 31, 2013, respectively.