Hillsborough Resources sells metallurgical coal property to Centerpoint Resources
On November 2, 2009, Hillsborough Resources Limited (TSX:HLB) announced the sale of its Bingay Creek metallurgical coal property located near Elkford, British Columbia, to Centermount Coal Ltd., a wholly-owned subsidiary of Centerpoint Resources Inc., both of Vancouver, British Columbia. Sale proceeds amounting to $5.9 million were received in cash, and represented a $5 million gain over the carrying cost of the property.
Hillsborough is a Western Canadian coal mining company.
Hillsborough was advised in this transaction by Ian Cassie and Sergio Custodio of Fasken Martineau.