Randsburg International Gold Corporation announced that it has agreed to settle all outstanding matters between it and Duncan Park Holdings Corporation (”DPH”) with respect to the Elephant Property in Nevada. These matters had been subject to arbitration proceedings requested by Randsburg.
Pursuant to the agreement between Randsburg and DPH (the “Agreement”), Randsburg has agreed to sell its interest in the Elephant Property to DPH in exchange for receiving $50,000 in cash and 2.0 million common shares of DPH. The shares of DPH are listed for trading on the TSX-V under the symbol: DPH.
Prior to the Agreement, the Elephant Property, located at the Battle Mountain mining district, Nevada, had been the subject of a joint venture agreement between Randsburg and DPH. Upon completion of the acquisition of Randsburg’s interest, DPH will hold a 100% interest in the property.
The agreement between the parties remains subject to regulatory approval.
Randsburg International Gold Corporation is a Canadian exploration company listed on the TSX Venture Exchange (Symbol TSX-V: RGZ). The Company is engaged in exploring for diamonds, titanium, iron, precious and base metals, and platinum group metals (PGMs) in Brazil, Canada and Idaho. The Company has three active exploration projects.
1. Victory Strike diamond project in Brazil – 85% owned;
2. Titan Project (iron-titanium-vanadium) in Northern Ontario – 100% owned; and
3. Empire Project (copper-gold-silver-zinc)-Idaho – a 75% owned Joint Venture.