Midway Gold eyes approval of $25 million joint venture interest sale

By Caroline Salls

Pittsburgh, Dec. 1 – Midway Gold US Inc. and debtor Nevada Tallon LLC requested court approval of the $25 million sale of Nevada Talon’s 30% interest in its Spring Valley joint venture, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the District of Colorado.

Nevada Talon’s interest will be sold to Waterton Precious Metals Fund II Cayman, LP indirect wholly owned subsidiary Solidus Resources, LLC.

Nevada Talon’s Spring Valley joint venture partner is Barrick Gold Exploration, Inc. According to Tuesday’s motion, Solidus has also executed an asset purchase agreement with Barrick to acquire its 70% interest in the Spring Valley project, meaning Solidus will own 100% of the project.

Both sales are expected to close on Dec. 17.

Midway, based in Vancouver, B.C., is a development-stage company that acquires, explores and develops gold and silver mineral properties in North America. The company filed for bankruptcy on June 22 under Chapter 11 case number 15-16835.

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