VANCOUVER: American Pacific Mining Corp (APM) and Madison Metals Inc. announced the shareholders of Madison have approved the sale of the Madison Copper Gold Project near Silver Star Montana, USA to APM.
The Madison Project is currently under an earn-in, joint venture agreement, whereby Kennecott Exploration Company, part of the Rio Tinto Group may spend $30 million USD to earn up to 70% of the Madison Project.
The Transaction was approved by the shareholders of Madison with 99.929% of votes cast in favour of the transaction, which is expected to close on or about June 25, 2020.
American Pacific Mining Corp. is a gold explorer focused on precious metal opportunities in the Western United States. The Gooseberry Gold/Silver Project and the Tuscarora Gold Project are two high-grade, precious metal projects located in key mining districts of Nevada USA. The Company’s mission is to grow by the drill bit and by acquisition. American Pacific is Eyeing a Gold Discovery amidst gold’s next bull market.
Madison Metals is a private B.C registered corporation that was set up to receive the Madison Mine project from Mind Medicine as a Spin-out as a result the Broadway Gold Reverse Take Over. Madison Metals owns 100% interest in the Madison Mine Project including the Company’s right, title and interest to the Broadway and Madison mine – 450 acres of land, a 192 acre ranch, buildings, mine equipment and fixtures, 6 patented, 35 unpatented mineral claims, and mineral rights to a four-square-mile property in the ButteAnaconda region of Montana, a porphyry-based mining district. The Project is currently under option to Kennecott Exploration.