Labrador Gold drops on announcing sale of Kingsway project

New Found Gold

22/04/2024 16:32

** Shares of Canadian mineral exploration firm Labrador Gold
 LAB.V  down 17.5% at C$0.17 
    ** Co to sell Kingsway project in Newfoundland to peer New
Found Gold  NFG.V  for C$20 mln ($14.58 mln) to be paid as NFG
shares
    ** NFG's experience at Queensway gold project will be
critical as they explore Kingsway project and demonstrate true
potential of the district - Labrador CEO Roger Moss
    ** Transaction expected to close in Q3 2024
    ** NFG down 0.8% at C$5
    ** YTD, LAB up 13.8%, NFG up 7.7%


($1 = 1.3718 Canadian dollars)

 (Reporting by Kabir Dweit)
 ((Kabir.Dweit@thomsonreuters.com;))