Mining News: Northern Neighbors: Northern Empire vends Kiyuk Lake

Northern Empire Resources Corp. Aug. 29 reported a definitive agreement to sell its Kiyuk Lake gold property in Nunavut to Montego Resources Inc., a Vancouver B.C.-based junior exploration company incorporated in 2012. Under the terms of the agreement, Northern Empire will transfer its 100 percent interest in Kiyuk Lake (subject to a 2 percent net smelter return royalty to the original property vendor) in exchange for 6.68 million Montego shares, or 19.99 percent of that company’s issued and outstanding shares. After the vending of Kiyuk Lake, Northern Empire’s portfolio includes Richardson and Hilltop, adjacent gold properties about 70 miles southeast of Fairbanks, Alaska.

-Shane Lasley