Eskay Mining sells five mining claims to Skeena Resources for $4M

Eskay Mining (ESKYF) has sold 5 mining claims in the Golden Triangle area of BC to Skeena Resources (SKE) in consideration for aggregate cash payments of $4M. The initial consideration of $2M was paid to Eskay on closing, a further $1M is payable on October 31, 2023 and the final $1M payment is payable on December 31, 2023. Eskay retains a 2% net smelter returns royalty in the Claims. Skeena can purchase 50% of the Royalty at any time for $2M. In addition, Eskay will not be required to pay any road use fees to Skeena for its use of the Eskay Creek Road for the five year period ending December 31, 2027, provided that its road use those years is consistent with its road use in 2022. Four of the Claims are north and west of the Skeena Eskay Creek Project and one of the Claims is adjacent to the west side of the Skeena Eskay Creek Project.cThe Company also anniybces the Eskay exploration team has been mobilized to the camp and is preparing for the 2023 exploration and drilling season at the Company’s Consolidated Eskay Project, Golden Triangle, BC.