Kerr Mines Inc. (TSX:KER) (OTC:KERMF) (FRA:7AZ1) is pleased to announce that the Company has divested all of its interest in the McGarry Mine and Barber-Larder Properties to McGarry-Larder Mines Inc., a wholly owned subsidiary of Orefinders Resources Inc, (TSX-V:ORX).
Kerr shall receive 8,000,000 common shares, approximately 9.0%, of Orefinders outstanding share capital, in addition, the Company will receive 440,248 common shares of Power Ore (TSX-V:PORE), a battery metal focused company.
“The sale of the McGarry assets for common shares in Orefinders, is an excellent value creating opportunity for Kerr Mines Shareholders. The McGarry assets in Northern Ontario fit with Orefinders plans of developing assets in the Abitibi and will unlock value for Kerr Mines shareholders” stated Claudio Ciavarella, CEO, Kerr Mines Inc. “the centerpiece of our strategic growth vision is focusing our resources on our core asset, the Copperstone Mine in Arizona, and creating shareholder value through the advancement of this project” concluded Ciavarella.
About Kerr Mines Inc.
Kerr Mines is an Emerging American Gold Producer currently advancing the 100% owned, fully permitted past-producing Copperstone Mine project to production. Copperstone is a high-grade gold project located along a detachment fault mineral belt in mining-friendly Arizona. This gold project in Arizona demonstrates tremendous exploration potential targeting multi-million ounce prospects within a 4,775 hectare (11,800 acres) land package.
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