Sterling Gold Mining Corp. (SGMC), a wholly-owned subsidiary of Imperials Metals Corp., has entered into a Letter of Intent with Northern Empire Resources Corp. (NM) to sell its interest in the Sterling gold mine property located in Nevada, United States.
The purchase price for the assets includes $10 million cash and 5 million shares of NM. SGMC will retain a 2% Net Smelter Returns royalty (NSR) on the portions of the Sterling gold mine property not currently burdened by a pre-existing NSR.
Closing is planned for the second quarter of 2017 and is subject to completion of a formal property purchase agreement, board and regulatory approvals as necessary.
