Sudbury’s Manitou Gold is selling its northwestern Ontario gold exploration properties in the Dryden area to Dryden Gold Corp., a privately-owned company.
The option agreement involves the Kenwest and Gaffney properties, which are being sold for $7 million. Manitou receives four million shares of Dryden Gold and retains a 1 per cent net smelter royalty.
Dryden Gold is expected to fund exploration expenditures totalling $1,400,000 over a three-year period.
Dryden Gold is controlled by the founders and management of Ely Gold Royalties., a public company that was sold in 2021 to Gold Royalty Corp. for approximately $300 million.
Read the full story from Northern Ontario Business HERE
