Chalice Gold Mines Ltd (ASX:CHN)
has entered a contract to sell its 51% stake in the Ardeen Gold Project, located in Ontario, Canada.
Chalice will sell its interest in the Project to Canadian listed company, Kesselrun Resources Ltd (the purchaser).
The company says the Ardeen Project is a “non-core asset”, for which it will receive 2,040,000 common shares in Kesselrun, which have a current market value of $570,000.
After transaction, Chalice will own 5.5% of the issued and outstanding shares in Kesselrun.
Chalice reported a net profit of $2.3 million at 31 December 2015.