The monetary gain would be forwarded to Samson Belair /Deloitte & Touche, acting as receiver of the assets of Century Mining put into receivership on May 29, 2012 by its secured lender.
The Northbelt Claims comprise 121 leases totaling 8,802a covering nearly 13 km of strike along the Yellowknife Belt, 15 km north of the city of Yellowknife with an historic resource of 290,000 tonnes of 7.52 g/t Au.
Commenting on the historic significance of the property TerraX president Joe Campbell stated that the acquisition completes firm’s attempts of owning a property with historical resources.
"Following a positive due diligence study, I believe acquisition of this property will be a turning point for TerraX’s future," added Campbell optimistically.
The deal is subject to due diligence with the maturity date set as 31 January 2013.
