Evergold Corp (TSX-V:EVER, OTC:EVGUF) said it has closed the previously announced DEM Property option agreement, with its shareholders voting more than 98% in favour of the deal.
The mineral exploration company said the 10,451 hectare DEM Property in British Columbia hosts the newly developed, never drilled DEM copper-gold-silver porphyry prospect, a roughly four-square kilometre target area exhibiting strong multi-element geochemical anomalism in soils.
"Coupled with the net proceeds of our recently completed $1.2 million financing, we are now well positioned to commence the first-ever drilling of the large-scale DEM copper-gold-silver porphyry prospect," Evergold CEO Kevin Keough said in a statement.
"News of these plans will be forthcoming shortly," he added.
Evergold noted that it has the right to earn a 100% ownership interest in the DEM Property from vendors Charles Greig and Alex Walcott, in exchange for staged cash payments over four years cumulatively totaling $980,000, in addition to escalating work commitments totaling $5 million over the same time frame.
The option agreement is subject to the final approval of the TSX Venture exchange.
Evergold is a mineral exploration company with projects in British Columbia and Nevada.
Contact Sean at sean@proactiveinvestors.com