Mayfair Gold Acquires Plato Gold Assets for C$2.5M
Mayfair Gold has entered into a definitive agreement with Plato Gold to acquire Plato's interests in the Guibord, Marriott and Holloway properties for C$2.5M in cash. The properties are in close proximity to Mayfair's Fenn-Gib Gold project east of Timmins, Ontario. The transaction provides Mayfair with three exploration properties that overlay the regionally important Porcupine-Destor Fault Zone and provides land adjacent to the Project to the southwest to support potential onsite infrastructure. Mayfair has a path to permit and advance a new mine into production at Fenn-Gib. Mayfair also sees potential to enhance the project economics and production profile of Fenn-Gib through near site exploration. On closing, the cash consideration will be paid into escrow and held by an escrow agent. 50% of the funds will be released from escrow to Plato upon the transfer of the Marriott Property, 25% will be released from escrow on the transfer of the Holloway Property and the final 25% will be released from escrow on the transfer of the Guibord Property.
