Vancouver's Goldcorp Inc. (TSX:G) plans to sell its minority interest in the Morelos gold project in Mexico for US$52 million.
Goldcorp subsidiary Desarrollos Mineros San Luis SA de CV plans to sell its 21.2% interest in the project to Newstrike Capital Inc., a Vancouver-based junior gold and silver exploration firm.
Goldcorp will receive $44.5 million in cash and 15 million in common shares of Newstrike, which trades on the NEX under the symbol NES.H.
The deal is expected to close in early 2010 subject to a financing condition, completion of legal and financial due diligence and other customer closing and regulatory requirements.
Goldcorp's share price range during the past week: between $44.07 and $46.90; 52-week high: $47.99; 52-week low: $25.57.