Kinsley Mountain Gold Deposit at Shift

Recently Liberty Gold announced that it has signed a definitive purchase option agreement for the sale of its 79.1% interest in the Kinsley Mountain Gold project, located in northwest Nevada to Barrian Mining. Pursuant to the terms of the Agreement, on closing, Liberty Gold will receive an aggregate of over US$7,500,000 in value for Kinsley.

 

Closing of the Transaction is subject to completion of a financing by Barrian and other customary conditions including approval by the TSX Venture Exchange. The US$7,500,000 purchase price will be paid in 3 stages over a 2 year period as follows: 1: US$2,500,000 on the closing date plus 2,000,000 Barrian common shares on a post-consolidation and pre-acquisition financing basis.

 

2: US$2,500,000 on or before the 1st anniversary of the closing date plus 1,000,000 Barrian common shares (subject to a contractual 12 month hold period). 3: US$2,500,000 in common shares of Barrian on or before the 2nd anniversary of the closing date. 4: A 1% Net Smelter Return Royalty on the 79.1% interest in Kinsley: where Barrian, at its sole discretion has the right to re-purchase up to one-half percent (0.5%) of the NSR royalty upon payment of US$500,000.

 

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