Fremont to Sell Gold Canyon Project to McEwen Mining
Fremont Mining announced today that it is selling its rights and interest in the Gold Canyon project, located in Eureka County, Nevada, to McEwen Mining.
Freemont said it is selling its rights and interest in the Gold Canyon Option Agreement in exchange for 300,000 McEwen common shares.
"Selling Gold Canyon appreciably increases Fremont's financial flexibility," said Blaine Monaghan, CEO of Fremont. "It gives us the ability to generate a significant non-dilutive capital infusion, through the sale of any McEwen shares, which will be helpful as we evaluate opportunities that can add immediate and long-term shareholder value. Further, the sale demonstrates management’s ability to generate and maximize the returns from the present portfolio."