Galleon Gold Sells Non-Core Utah Asset for US$700,000
Galleon Gold has announced the sale of its Milford Royalty to ETM UT for US$700,000. The royalty is associated with the Milford Copper Property in Utah, USA, which the company has held for over a decade.
CEO David Russell stated that this sale aligns with the company's strategic focus on their flagship West Cache Gold project in Timmins, Ontario. The transaction represents a successful monetization of a non-core asset, allowing Galleon Gold to redirect resources toward their primary operations.
The agreement demonstrates Galleon Gold's commitment to portfolio optimization and strategic resource allocation, as they continue to prioritize their Canadian gold mining interests.
Galleon Gold ha annunciato la vendita del suo Milford Royalty a ETM UT per 700.000 dollari USA. La royalty è legata alla proprietà mineraria Milford Copper nello Utah, USA, che l'azienda detiene da oltre un decennio.
Il CEO David Russell ha dichiarato che questa vendita è in linea con il focus strategico dell'azienda sul loro progetto principale, il West Cache Gold a Timmins, Ontario. L'operazione rappresenta una monetizzazione di successo di un asset non strategico, permettendo a Galleon Gold di destinare risorse alle loro attività principali.
L'accordo evidenzia l'impegno di Galleon Gold nell'ottimizzazione del portafoglio e nell'allocazione strategica delle risorse, continuando a dare priorità ai loro interessi nell'estrazione dell'oro in Canada.
Galleon Gold ha anunciado la venta de su Milford Royalty a ETM UT por 700,000 dólares estadounidenses. La regalía está asociada con la propiedad de cobre Milford en Utah, EE. UU., que la empresa ha mantenido durante más de una década.
El CEO David Russell declaró que esta venta está alineada con el enfoque estratégico de la compañía en su proyecto principal, el West Cache Gold en Timmins, Ontario. La transacción representa una monetización exitosa de un activo no central, permitiendo a Galleon Gold redirigir recursos hacia sus operaciones principales.
El acuerdo demuestra el compromiso de Galleon Gold con la optimización de su cartera y la asignación estratégica de recursos, mientras continúan priorizando sus intereses en la minería de oro en Canadá.
갤리언 골드(Galleon Gold)는 밀포드 로열티(Milford Royalty)를 ETM UT에 70만 달러에 매각했다고 발표했습니다. 이 로열티는 미국 유타 주에 위치한 밀포드 구리 광산권과 관련되어 있으며, 회사는 이를 10년 이상 보유해 왔습니다.
CEO 데이비드 러셀(David Russell)은 이번 매각이 온타리오 주 팀민스에 위치한 주력 프로젝트인 웨스트 캐시 골드(West Cache Gold)에 집중하는 회사의 전략과 부합한다고 밝혔습니다. 이번 거래는 비핵심 자산의 성공적인 현금화로, 갤리언 골드가 주요 사업에 자원을 재배치할 수 있게 합니다.
이 계약은 갤리언 골드가 포트폴리오 최적화와 전략적 자원 배분에 전념하고 있음을 보여주며, 캐나다 금광 사업에 대한 우선순위를 계속 유지하고 있음을 나타냅니다.
Galleon Gold a annoncé la vente de sa Milford Royalty à ETM UT pour 700 000 dollars US. Cette redevance est liée à la propriété minière de cuivre de Milford dans l'Utah, aux États-Unis, que la société détient depuis plus d'une décennie.
Le PDG David Russell a déclaré que cette vente s'inscrit dans la stratégie de l'entreprise axée sur leur projet phare, le West Cache Gold à Timmins, en Ontario. La transaction représente une monétisation réussie d'un actif non essentiel, permettant à Galleon Gold de réorienter ses ressources vers ses opérations principales.
L'accord témoigne de l'engagement de Galleon Gold envers l'optimisation de son portefeuille et l'allocation stratégique des ressources, alors qu'elle continue de privilégier ses intérêts dans l'exploitation aurifère au Canada.
Galleon Gold hat den Verkauf seiner Milford Royalty an ETM UT für 700.000 US-Dollar bekanntgegeben. Die Royalty ist mit dem Milford Copper Grundstück in Utah, USA, verbunden, das das Unternehmen seit über einem Jahrzehnt hält.
CEO David Russell erklärte, dass dieser Verkauf mit dem strategischen Fokus des Unternehmens auf ihr Flaggschiffprojekt, das West Cache Gold Projekt in Timmins, Ontario, übereinstimmt. Die Transaktion stellt eine erfolgreiche Monetarisierung eines nicht zum Kerngeschäft gehörenden Vermögenswerts dar und ermöglicht es Galleon Gold, Ressourcen auf ihre Hauptaktivitäten umzulenken.
Die Vereinbarung zeigt das Engagement von Galleon Gold für Portfolio-Optimierung und strategische Ressourcenzuweisung, während sie weiterhin ihre kanadischen Goldbergbauinteressen priorisieren.
- Sale of non-core Milford Royalty asset for US$700,000, providing immediate cash inflow
- Strategic focus on core West Cache Gold project in Timmins
- Divestment of long-term royalty asset that could have provided future revenue streams
Toronto, Ontario--(Newsfile Corp. - April 30, 2025) - Galleon Gold Corp. (TSXV: GGO) (FSE: 3H90) (the "Company" or "Galleon Gold") is pleased to announce that it has entered into an agreement (the "Agreement") with ETM UT Inc., a Delaware corporation, for the sale of a royalty (the "Milford Royalty") the Company holds on the Milford Copper Property ("Milford Property") located in Utah, USA for a total of US
Comments from the CEO
R. David Russell, President and CEO of Galleon Gold, commented, "We are very pleased to have reached an agreement to sell the Milford Royalty, which we have held for over a decade. Monetizing this non-core asset aligns with our strategy to focus the Company's attention and resources to our flagship West Cache Gold project in Timmins, Ontario."
About the Milford Royalty
Under the original terms of an agreement signed with a predecessor company of ETM UT Inc' subsidiary, Milford Mining Company Utah, LLC, Nevada Star Resource Corp. (U.S.), a wholly-owned subsidiary of Galleon Gold, was granted a Net Smelter Royalty, capped at US
The Agreement
Pursuant to the Agreement with an effective date of April 28, 2025, ETM UT Inc. has paid US
Interest Payment on Convertible Debentures
Galleon Gold also announces that under the terms of the convertible debentures (the "Convertible Debentures") issued on April 12, 2024, April 19, 2024 and April 29, 2024 (see news releases dated April 12, 19, and 29, 2024) it has elected to satisfy its obligation to pay interest accrued by issuing common shares (the "Common Shares").
Under the terms of the Convertible Debentures, no fractional Common Shares will be delivered upon payment of the interest obligation. The Common Shares will be priced based on the greater of the Market Price (as defined in the policies of the TSXV) and the 15-day volume weighted average closing price of the Common Shares on the TSXV.
The issuance of Common Shares in payment of interest remains subject to the approval of the TSX Venture Exchange (the "Exchange"). The Common Shares to be issued in respect of the Interest Payment will be subject to a hold period of four months from the date of issuance.
Convertible Debentures issued on April 12, 2024 and April 19, 2024
An aggregate of
An insider of the Company is a holder of Convertible Debentures. As a result, the Interest Payment is considered to be a "related party transaction" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Interest Payment in respect of this individual is exempt from the minority approval and formal valuation requirements of MI 61-101 pursuant to subsections 5.5(b) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the debt, nor the fair market value of the shares to be issued in settlement of the debt, exceeds
Convertible Debentures issued on April 29, 2024
An aggregate of
Certain officers and an insider and of the Company are holders of the Convertible Debentures. As a result, the Interest Payment is considered to be a "related party transaction" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Interest Payment in respect of this individual is exempt from the minority approval and formal valuation requirements of MI 61-101 pursuant to subsections 5.5(b) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the debt, nor the fair market value of the shares to be issued in settlement of the debt, exceeds
About Galleon Gold
Galleon Gold is an advanced exploration and development company focused on the West Cache Gold Project in Timmins, Ontario. The West Cache Gold Project is located 7 km northeast of Pan American Silver's Timmins West Mine and 14 km southwest of the Hollinger Mine. The Company's Closure Plan for an 86,500-tonne underground bulk sample has been accepted and initial work at the Project site has begun.
For further information:
Galleon Gold
R. David Russell
Chairman and CEO
T. (416) 644-0066
info@galleongold.com
www.galleongold.com
Forward-Looking Statements
This news release contains certain "forward-looking statements", as defined under applicable Canadian securities laws, that reflect the current views and/or expectations of Galleon Gold with respect to its long-term strategy, proposed work, plans, bulk sample program and other reports including the PEA for its projects. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which Galleon Gold operates. Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans, and objectives of Galleon Gold are forward-looking statements that involve various risks. The following are important factors that could cause Galleon Gold's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world-wide price of mineral commodities, general market conditions and uncertainty of access to additional capital, risks inherent in mineral exploration, delays in the receipt of government approvals, risks associated with development, construction, mining operations and third party contractor activities, risks related to unanticipated events related to health, safety and environmental matters. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Galleon Gold undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250254
FAQ
How much did Galleon Gold (PNCKF) sell its Utah Milford Copper royalty for in 2025?
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How long did Galleon Gold hold the Milford Copper Property royalty before selling?
Where is Galleon Gold's main project located after selling Utah royalty?
What type of asset did Galleon Gold (PNCKF) sell in April 2025?
