Aris Mining Corporation (ARMN) and McFarlane Lake Mining Limited have signed a definitive asset purchase agreement for the sale of Aris Mining Corporation’s Juby Gold Project and related interests in Ontario, Canada. The total consideration for the deal is valued at US$22 million.
The Juby Gold Project is an exploration-stage gold project located in the Shining Tree area of Ontario’s Abitibi greenstone belt.
The transaction includes Aris Mining’s 100% interest in the Juby Gold Project and its 25% joint venture interest in the adjacent Knight property.
The deal with McFarlane Group, Inc. (MGAM) is expected to close within 90 days. Completion depends on McFarlane raising at least US$10 million in gross proceeds from a concurrent financing and satisfying other customary closing conditions.
Neil Woodyer, CEO of Aris Mining, stated that the sale of Juby reflects their strategic focus on building a leading gold mining company in Latin America.
