Labyrinth Resources Limited (LRL) has entered an agreement to sell the Labyrinth and Denain gold projects in the Abitibi region of Quebec, Canada, and all related assets for $3.5 million in cash.
As part of the process to sell the assets, Labyrinth has entered into a sale and purchase agreement with Gold Projects WA (GPWA) - a special purpose vehicle set up to facilitate the transaction.
The company will switch the focus of its efforts on the exploration and resource extension at its Comet Vale project in Western Australia.
Labyrinth CEO Jennifer Neild said, “The Sale of the Canadian Assets ensures Labyrinth is well placed to enter a new stage of exploration and growth in Western Australia. The cash injection into LRL provides significant optionality in the prolific WA Goldfields region that hosts the Company's 51% owned Comet Vale project. We look forward to communicating Labyrinth's strategic intent in the coming months.”
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished