Strategic Metals Closes Sale of Royalty Interests and Receives US$30 Million Payment
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 10, 2012) - Strategic Metals Ltd. (TSX VENTURE:SMD) ("Strategic") announces that the royalty purchase transaction reported on August 3, 2012 has now closed. Strategic has received US$30 million and sold its royalty interests in the Casino, Logtung, and Wolverine deposits to 8248567 Canada Limited, an arm's length purchaser.
With the closing of the royalty sale, Strategic has increased its cash position to approximately $51 million and owns marketable shares of other resource companies currently valued at approximately $41 million. These shareholdings include 9.6% of ATAC Resources Ltd., 18.8% of Silver Range Resources Ltd., 28.0% of Rockhaven Resources Ltd, 19.9% of Precipitate Gold Corp., and 19.9% of Wolverine Minerals Corp.
Strategic is also an active explorer with interests in over 160 properties, including 65 that are under option to other companies and 20 where Strategic holds net smelter return royalty interests.
For additional information concerning Strategic Metals Ltd. please visit Strategic's website at www.strategicmetalsltd.com.
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August 10, 2012 (Source: Marketwire)
Disclosure: Strategic Metals Ltd. is a Vulture Bargain Candidate of Interest (VBCI). Members of the GGR team may hold long positions in SMD.V.