Comstock (LODE) said Friday it agreed to sell the northernmost mining claims, mineral exploration rights, and town lots owned by its unit Comstock Northern Exploration plus a 25% membership interest that Comstock owns in Pelen to Mackay Precious Metals for $2.75 million.
In addition to the purchase price, there's a 1.5% production royalty from sales of silver, gold, and other minerals extracted from the assets, in perpetuity, Comstock said.
The Northern Targets assets encompass the Gold Hill and Occidental Lode claim groups in Storey County, Nevada, Comstock said, adding Pelen owns some claims next to and/or linked to these assets.
Comstock shares were up nearly 5% in recent trading.
Price: 0.32, Change: +0.01, Percent Change: +4.64
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