VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 15, 2017) – Parlane Resource Corp. (TSX VENTURE:PPP) (“Parlane”) announces that it has reached an agreement to sell all of its interest in the Big Bear Property, to New Gold Inc. (TSX:NGD)(NYSE MKT:NGD) (“New Gold”) for total cash consideration of C$2.5 million.
The Big Bear Property, comprised of 62 mineral claims totaling 27,469.77 hectares, is on the Nechako Plateau, approximately 100 kilometres southwest of Vanderhoof. The property is located immediately northwest of New Gold’s Blackwater deposit and east of New Gold’s Capoose deposit.
The sale includes all of Parlane’s technical information assembled over the years on the Big Bear Property, the permit held under the Mines Act, and all of Parlane’s rights under various underlying agreements. With the Big Bear Property being Parlane’s primary asset, the sale is subject to regulatory and shareholder approval, leading Parlane to call a Special Meeting of its shareholders to be held on June 16, 2017. The sale is also subject to customary closing conditions. Should shareholders approve the sale of the Big Bear Property, the transaction is expected to close on or about June 26, 2017.
The Company also reports the Mr. David Gunning has resigned as a director of the Company to pursue other endeavours. “The Board would like to thank Mr. Gunning for his years of dedicated service and wishes him every success,” said Mr. Eadie, President & CEO of the Company.
ON BEHALF OF THE BOARD
Robert Eadie, President, Chief Executive Officer and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.