04:08 PM EST - Fronteer Development Group Inc. : said Monday that it has acquired Nevada Eagle Resources LLC, a wholly owned subsidiary of Gryphon Gold Corp. Through the acquisition, Fronteer adds an additional 44 gold properties to its large Nevada growth pipeline, reinforcing a commitment to creating value in a jurisdiction that is at the very heart of the company's operations. The total cash purchase price was $4.75 million U.S. The portfolio currently generates positive cash-flow from existing lease and option payments. Estimated cash flow from the portfolio in 2010 is $437,000 U.S., in addition to shares in certain partner companies. Fronteer Development Group Inc.
shares T.FRG are trading down $0.03 at $5.97.
