Agoracom: Small Cap Investment - Fire River Gold Corp. - Fire River Announces Waterton Takes Ownership of Nixon Fork Gold Mine

Nixon Fork Gold Mine Hosts Turn Key Mine Operation

NI 43-101 indicated resource of 128,500 ounces and inferred 74,600 ounces of gold

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Fire River Announces Waterton Takes Ownership of Nixon Fork Gold Mine

posted on Jul 07, 2014 12:31PM

Fire River Announces Waterton Takes Ownership of Nixon Fork Gold Mine

VANCOUVER, July 7, 2014 /CNW/ - Fire River Gold Corp. (TSXV: FAU), (OTCQX: FVGCF), (FSE: FWR) (the "Company" or "Fire River") announces Waterton Global Value , L.P. ("Waterton") has taken full and unrestricted ownership of the Nixon Fork Gold Mine and Mystery Creek Resources, Inc. ("MCRI"), the U.S. corporation that owns the mine. This action is a result of the default by Fire River on the terms of the Credit Agreement with Waterton. Fire River and Waterton have agreed that Fire River will deliver all rights, debts, properties and obligations of MCRI to Waterton and Waterton will accept such as full and final satisfaction of the indebtedness due to Waterton under the Credit Agreement. As part of the final Settlement Agreement Waterton also agrees to pay to Fire River approximately C$250,000 in cash and other obligations.

Fire River intends to use the proceeds of the cash settlement to work toward lifting the Cease Trade Order that is currently in effect with a view to resuming trading on the TSX Venture Exchange.