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Royal Standard, Scorpio reach deal on properties

NNBW staff

Royal Standard Minerals Inc. said last week it signed a definitive agreement to sell its Goldwedge and Pinon properties in Nevada to Scorpio Gold Corp.

Goldwedge is southeast of the Round Mountain Mine in central Nevada. Pinon is 10 miles south of the Rain Mine operated by Newmont Gold southeast of Carlin.

Vancouver-based Scorpio will pay $1.25 million in cash and 3 million of its common shares (which were trading at 70 cents a share last week) to Royal Standard. Scorpio also will assume $12 million in debt owed by Royal Standard to Waterton Global Value L.P.