Mountain Lake Resources Inc (MOA.V) bought the 70 percent stake it does not already own in a gold project in Newfoundland from Richmont Mines Inc (RIC.TO) (RIC.A) and then sold half its stake in the property to Marathon Gold Corp (MOZ.TO). Canada-based Mountain Lake paid C$3 million in cash to fulfil the final condition to acquire the 70 percent stake in Valentine Lake Gold Property. The transaction was funded by Marathon Gold. As part of the deal, Mountain Lake had paid an option fee of 2.5 million common shares to Richmont in 2009. It had also spent C$1 million on the project.
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