The Prospector News

Liberty Gold Announces Signing of Definitive Agreement to Sell the Halilağa Porphyry Copper Gold Deposit in Turkey

You have opened a direct link to the current edition PDF

Open PDF Close

Share this news article

Liberty Gold Announces Signing of Definitive Agreement to Sell the Halilağa Porphyry Copper Gold Deposit in Turkey






Liberty Gold Corp. (TSX:LGD) is pleased to announce it has signed a share purchase agreement for the sale of its interest in the Halilağa copper gold porphyry deposit, located in Biga Province, northwest Turkey, to Cengiz Holdings A.Ș.


Pursuant to the terms of the Agreement, Liberty Gold and its joint venture partner, Teck Madencilik Sanayi Ticaret A.Ș. a subsidiary of Teck Resources Limited, have agreed to jointly sell their 100% interest in the company that holds the Project to Cengiz for US$55 million cash, to be paid in three stages over a two-year period.  The consideration will be apportioned 60% to Teck and 40% to Liberty Gold, pro-rata to their ownership interests.  Cengiz will acquire the Project by purchasing the shares in a Turkish corporation held by Teck and Liberty Gold. As a result of the Transaction, Liberty Gold will receive a total of US$22 million.


Cengiz is active in the fields of construction, energy, mining, metallurgy and the chemicals/fertilizer industries. It began its first activities in the late 1970s in construction, and is now one of Turkey’s leading groups with more than 12 main companies, 96,000 employees and an annual turnover of US$6 billion. Within Cengiz’s mining and metallurgy operations, Cengiz’s subsidiaries Eti Bakir A.Ș. and Eti Aluminyum A.Ș. own and operate copper, aluminium, antimony, phosphate and coal mines throughout Turkey and the Samsun Cathode Copper Smelter facility, Seydisehir Aluminium Electrolysis facility and Mazidagi Fertilizer and Metal recovery plants.


Terms of the Agreement:


Closing of the Transaction is subject to customary conditions including the approval of the Turkish Ministry of Energy and Natural Resources.


The US$55 million purchase price will be paid in three stages as follows: 


  • US$35 million on the closing date (US$14 million to Liberty Gold).
  • US$10 million on the first anniversary of the closing date (US$4 million to Liberty Gold).
  • US$10 million on the second anniversary of the closing date (US$4 million to Liberty Gold).



Liberty Gold will continue to own 60% of the TV Tower project in the Biga Province that contains a large number of exploration targets ranging from high-sulphidation and low-sulphidation epithermal gold-silver and three drill confirmed porphyry copper-gold discoveries.


Liberty Gold is focused on exploring the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Goldstrike, Black Pine and Kinsley Mountain, all of which are past producing open-pit mines, where previous operators only scratched the surface.


Posted July 12, 2019

Share this news article


Uranium Royalty Corp. Closes $30 million Initial Public Offering and Announces Listing on the TSX Venture Exchange

Uranium Royalty Corp. (TSX-V: URC) is pleased to announce that it... READ MORE

December 6, 2019

Denison Completes CAD$4.7 Million Bought Deal Private Placement of Flow-Through Shares

Denison Mines Corp. (DML: TSX) (DNN: NYSE American) is plea... READ MORE

December 6, 2019

Scorpio Gold Reports Results of Drilling at the Keystone-Jumbo Area, Goldwedge Property, Nevada

Scorpio Gold Corporation (TSX-V:SGN) announces results of its fir... READ MORE

December 6, 2019

Nevada Exploration Closes Oversubscribed Financing

Nevada Exploration Inc. (TSX-V: NGE) (OTCQB: NVDEF) is pleased to... READ MORE

December 6, 2019

Ascot Exploration Drilling Intersects 17.29 g/t Gold Over 3.58 Metres in New Area West of Premier Portal

Ascot Resources Ltd (TSX: AOT) (OTCQX: AOTVF) is pleased to annou... READ MORE

December 6, 2019

Copyright 2019 The Prospector News - Site design by Spyderbaby Productions