Aflatoun Golden Company (TSXV: PGC; OTCCP: Newf; Frankfurt: 4Y7 or WKN: A0M2QX) has entered into a definitive asset purchase agreement pursuant to which Mayfair Gold Company (TSXV: Creative people; New York Stock Exchange: royal) will acquire Plato’s interests in the Guibord, Marriott and Holloway properties, all located in the Timmins region, northern Ontario, for a cash consideration of C$2.5 million.
The properties consist of mineral claims and mining leases located along and near the Destor-Porcupine structural corridor in the Timmins gold district. This transaction is intended to allow Plato to monetize non-core assets and focus its resources on developing the remaining exploration portfolio.
Anthony Cohen, President and CEO of Plato Gold, commented: “Plato is pleased to have completed the sale of these assets to Mayfair Gold in order to focus on our flagship Good Hope Niobium project, as well as other projects that we believe can add value for Plato shareholders. We were very pleased to get to know the Mayfair Gold team and work with them in closing this transaction, which we believe will benefit both our shareholders and allow us to monetize the long-owned asset. He has been professional and a pleasure to deal with throughout the process.”
Under the terms of the agreement, Mayfair will acquire the following interests from Plato. Gibbord Estate (50% interest): Gibbord Estate consists of 16 mineral claims and two mining leases covering approximately 275 hectares. The property is located southeast of the Timmins mining camp and benefits from highway access.
Marriott Property (100% interest): The Marriott Property consists of 142 contiguous mining claims covering approximately 2,728 hectares and accessed via Highway 101. The property is an early-stage exploration asset within the broader Timmins mining district.
Holloway Property (100% interest): The Holloway Property consists of 10 contiguous mining claims covered by a mining lease, totaling approximately 156 hectares, also accessible via Highway 101.
Under the agreement, Mayfair will acquire Plato’s interests in the properties for a total cash consideration of C$2.5 million.
The transaction is subject to customary conditions precedent, including obtaining all required regulatory approvals and ministerial approval in relation to the transfer of certain mining leases.
Upon closing, the cash consideration will be paid into escrow and forwarded to Plato in stages as follows: 50% upon completion of the transfer of ownership of the Marriott Hotel; 25% upon completion of the transfer of ownership of Holloway; And 25% upon completion of the transfer of ownership of Gibord.
The transaction constitutes a reviewable disposition under the policies of the TSX Venture Exchange and remains subject to exchange acceptance.
Plato Gold has projects in Timmins, Ontario, Marathon, Ontario and Santa Cruz, Argentina.
The Timmins Ontario project includes four properties: Guibord, Harker, Holloway and Marriott in the Harker/Holloway gold camp located east of Timmins, Ontario, with a focus on gold.
In Argentina, Plato owns a 95% interest in Winnipeg Minerals SA (WMSA), an Argentine registered company that owns a number of contiguous mineral rights totaling 9,672 hectares with potential for gold and silver extraction.
The Good Hope Niobium Project consists of approximately 6,035 hectares in the Lake Killala and Cairngorm Lake District towns, near Marathon Ontario, and the primary target is niobium.
The Pic River Platinum Group Metals (PGM) project consists of 2,352 hectares in Foxtrap Lake and Grain Township, near Marathon Ontario, of which 19 claims are adjacent to the western boundary of Generation Mining’s Marathon PGM project and are on strike from Generation Mining’s Sally deposit.
