North American Palladium sells its gold division

Stockhouse Editorial
0 Comments| March 25, 2013

North American Palladium (TSX: T.PDL, Stock Forum) late Friday said it has closed the sale of its Quebec-based gold division, NAP Quebec Mines Ltd., this according to a company news release.

Maudore Minerals (TSX: V.MAO, Stock Forum) has agreed to pay $18 million in cash and 1.5 million of its common shares for the Vezza mine, the Sleeping Giant mine and mill complex, and its nearby portfolio of exploration properties.

North American Palladium added that it intends to use the net proceeds from the sale to fund the mine expansion at its Lac des Iles palladium mine in Ontario.  

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