Canadian companies Teck Resources and Liberty Gold have agreed to sell the Halilağa copper/gold porphyry deposit in north-western Turkey to Cengiz Holdings for $55-million in cash.
The Turkish construction, mining and energy group will pay Teck and Liberty 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 in the Halilağa project, in Biga province.
Liberty will continue to own 60% of the TV Tower project, also 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’s core focus, however, is on exploring the Great Basin of the US, which stretches across Nevada and into Idaho and Utah.