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Teck And Liberty Gold Sell Turkish Project For $55 Million

Kitco News

Cengiz, a Turkish industrial firm, is buying the Halilaga copper-gold porphyry deposit from Liberty Gold and Teck for $55 million.

Announced on Friday, the proceeds will be apportioned 60% to Teck and 40% to Liberty Gold (TSE:LGD) per their interest.

The Halilaga project had a NI 43-101 resource estimate completed in 2012 that showed an open pit operation with an after-tax NPV (7%) of $474 million. Total projected capital cost to develop was about $558.5 million.

Cengiz operates a business with arms in construction, energy, mining, metallurgy, and chemicals and fertilizer.

Liberty Gold said it is focused on its exploration work in Nevada's Great Basin.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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