LAVAL, Quebec, Aug. 20, 2019 (GLOBE NEWSWIRE) -- Typhoon Exploration Inc. (TSX-V: TYP) («Typhoon») announces the closing of the transaction with Monarch Gold Corporation («Monarch») to sell its interest of 50% in the Fayolle property. In exchange, Monarch will issue 3.4 million of its common shares to Typhoon, has paid an amount of $500,000 and will pay an additional $500,000 in less than five months and $150,000 in 12 months. The shares issued to Typhoon are subject to restrictions on their transfer for periods of up to 24 months.
Typhoon still owns the Monexco property which is located about 30 Km North-West of the town of Chibougamau. The single block of 42 contiguous designated claims (2,324.02 hectares) is 100% owned by Typhoon Exploration Inc. The mining camp of Chibougamau produced during its history 47.8 million tonnes of ore at an average grade of 1.8% of copper and 2 g/t of gold.
In addition, the management is still working to evaluate new files in order to give the best possible returns to its shareholders.
Typhoon common shares are listed on the TSX Ventures Exchange under the stock symbol TYP.
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