Canadian gold miner Iamgold will the Fayolle property, in Quebec, from junior miner Monarch Gold for $11.50-million in a share and cash transaction.
The Fayolle property consists of 39 mineral claims covering 1 373 ha in the Aiguebelle and Cléricy townships, north-east of Rouyn-Noranda.
Announcing the transaction on Monday, Monarch said Iamgold would issue shares to the value of $9.70-million for the property, as well as a $300 000 cash payment upon transfer of ownership of a parcel of land and a $1.5-million cash payment 90 days after the initial transport of ore from the Fayolle deposit.