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Colibri Resource to Sell Remaining 49% Stake in Pilar Project for C$3.6 Million

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Colibri Resource (CBI.V) has entered a definitive agreement to sell its remaining 49% interest in the Pilar gold-silver project in Mexico for C$3.6 million to Tocvan Ventures (TOC.CN).

Colibri will retain a 1% net smelter return royalty on the project, which Tocvan can repurchase for C$1 million, the mineral exploration company said late Thursday.

The company expects the proceeds to increase its financial flexibility as it advances the EP gold project in Mexico, as well as evaluate additional exploration and development opportunities.

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