VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 5, 2017) - Parlane Resource Corp. (TSX VENTURE:PPP) ("Parlane") announces that it has closed the sale of all of its interest in the Big Bear Property, to New Gold Inc. (NGD.TO)(NYSE MKT:NGD) ("New Gold") for total cash consideration of C$2.5 million. (See news releases dated May 15 and June 16, 2017.)
The Big Bear Property, comprised of 62 mineral claims totaling 27,469.77 hectares, is on the Nechako Plateau, approximately 100 kilometres southwest of Vanderhoof. The property is located immediately northwest of New Gold's Blackwater deposit and east of New Gold's Capoose deposit.
Parlane's shareholders approved the transaction at a Special Meeting of shareholders held on June 16, 2017. The Company will be investigating new opportunities and has formed an Investment Committee to review potential acquisitions.
ON BEHALF OF THE BOARD
Robert Eadie, President, Chief Executive Officer and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.