Linear Gold Snags Uranium City Area Property

Linear Gold Snags Uranium City Area Property

Wednesday, May 27, 2009 at 17:23

A company from the Maritimes has signed a deal to purchase the Goldfields project near Uranium City.

Linear Gold Corporation will pay G.L.R. Resources $5 million in cash and another $800,000 in stock options for the land.

According to a news release, the deal was prompted by a Supreme Court ruling that prevented G.L.R. from selling the land to another last-minute buyer.

In addition to the cash, the release says, Linear will also reimburse G.L.R. $4.2 million dollars for equipment contracts and deposits.

The president of Linear Gold, Wade Dawe, says his company looks forward to working with the Saskatchewan government and local communities.

Dawe also says he’s confident that, based on current gold prices, the project will pay for itself in the end.