Ketza River royalty goes to Canamax

Canamax Resources plans to pay more than $3 million for the 20% net profits interest held by Ketza River Mines on Canamax’s Ketza River property in the Yukon. The royalty was acquired by purchasing a 73% interest in Ketza River Mines from Conwest Explorations.

The purchase price will be in the form of 425,000 Canamax shares, which trade at approximately $7.30 per share on the Toronto Stock Exchange. Canamax, along with partner Pacific Trans-Ocean Resources, plans to make a production decision early this year. Total capital costs are estimated at $14 million.