Valor Gold acquired Courageous Lake from Seabridge Gold as part of a corporate spin-out transaction. The core Mining Leases at Courageous Lake were originally acquired by Seabridge Gold through an agreement with Newmont Canada Ltd. (51%) and Total Resources (Canada) Ltd. (49%) in 2002. The Mining Leases are subject to a 2% NSR royalty and are encumbered by royalty agreements and debentures registered in favor of Newmont Canada Ltd. and Total Resources (Canada) Ltd. The property includes the past-producing Salmita Mine, operated by Giant Yellowknife Mines, and the Tundra Mine, operated by Royal Oak Mines.