ROUYN-NORANDA, QC, Jan. 31, 2019 /CNW Telbec/ - Visible Gold Mines Inc. (TSXV: VGD) (Frankfurt: 3V41) is pleased to announce that it has entered into an Asset Purchase Agreement today with Cadillac West Explorations Inc., wholly-owned subsidiary of Liberty Gold Corp (TSX: LGD) pursuant to which it will acquire a 40% undivided ownership interest in 148 mining claims comprising the Cadillac East Project located near Rouyn-Noranda in the Province of Québec (the "Property"). Visible Gold Mines already owns a 60% interest in the Property.
In order for Visible Gold Mines to acquire the remaining 40% interest in the Property, Visible Gold Mines will be required to issue 750,000 common shares to Cadillac West Explorations Inc. The shares will be issued a deemed price of $0.06 per share.
The mining claims comprising the Property are subject to a 1.5% net smelter return royalty in favour of the former owners of the Property. The Asset Purchase Agreement is subject to regulatory approval, including that of the TSX Venture Exchange.
About Visible Gold Mines
Visible Gold Mines is a vibrant company actively exploring for the next major gold deposit in northwestern Québec, considered one of the world's best jurisdictions for mining and exploration.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
SOURCE Visible Gold Mines Inc.
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