Goldcorp sells stake in Nevada project for $20 million

Goldcorp will receive $20 million in cash from Premier Gold Mines in exchange for its 40% stake in the Nevada-based South Arturo Mine Project, an advanced exploration project.

Goldcorp will put some of the money towards a private placement with Premier, C$12.5 million. Goldcorp (NYSE:GG) will also receive a 5% interest in the Rahill-Bonanza Joint Venture in Red Lake.

After the news, Premier Gold Mines (TSE:PG) was mostly flat, up 0.39% to $2.55. Goldcorp was up 3.02% to $19.42.

Barrick Gold is 60% owner and operator of the South Arturo Mine Project.

Located 65km NW of Elko, South Arturo is a gold (carlin type) deposit with additional occurrences of silver.