Ridgeline Minerals sells Nevada projects to joint venture of Barrick and Newmont for $33 million

Ridgeline Minerals announced the sale of four Nevada exploration projects—Swift, Black Ridge, Bell Creek and Atlas—to Nevada Gold Mines, a joint venture between Barrick Mining and Newmont. The cash transaction totals US$33 million and the company said it represents a more than 350% return on invested capital for the sold assets.

In a separate transaction, Ridgeline increased its holding in Spartan Metals Corp to about 17.3% (10.23 million shares) by issuing a second tranche of 5 million shares under a purchase agreement. The shares were issued with no additional cash consideration, completing the terms of the agreement related to the earlier sale of Spartan Exploration Nevada Corporation. Ridgeline retains a 97 km² Nevada exploration portfolio, including the Selena project funded by South32.