Canada’s Gold Bull Resources has finalised the sale of its Bulgaria-based subsidiary Zelenrok EOOD to Raiden Resources. The offshoot holds the rights to the Zlatusha and Kalabak gold projects, and additional mineral application, Draka, all located in Bulgaria.
Gold Bull Resources will keep a 2 percent net smelter return (NSR) on the Zlatusha, Kalabak and Draka projects, the company said in a state-ment.
Cherie Leeden, the company’s CEO, said that Gold Bull Resources has decided to divest its “non-core assets in Bulgaria which allows us to focus 100% on our Nevadan assets – which we are currently drilling. In addition to becoming a shareholder of Raiden, Gold Bull has ongoing exposure to the Bulgarian asset’s upside via performance shares and a net smelter royalty. We wish the Raiden Resources team exploration success and all the best in advancing these Bulgarian assets.”