MetalCorp Announces Earn-In Agreement with Barrick Gold on MetalCorp’s Hemlo East Property - Seite 2
Barrick may withdraw from the earn-in at any time, provided it has paid to MetalCorp the Cdn$3,000,000 Initial Payment and fulfilled its obligation to fund the Cdn$700,000 Guaranteed Amount of expenditures on the Hemlo East Property.
After completion of the earn-in, Barrick and MetalCorp will form a joint venture company (“JVCo”), to hold the Hemlo East Property, to be owned 80% by Barrick and 20% by MetalCorp with funding on a pro-rata basis. Dilution of a shareholder’s interest below 10% will result in the conversion of the interest to a 2% Net Smelter Return royalty. The party holding a majority of shares will be the operator of the JVCo.
METALCORP
MetalCorp is a mineral exploration company based in Thunder Bay, Ontario, with gold, PGE and base metal projects in the Canadian Shield of Northern Ontario, Canada, one of the most prolific mineral
districts in the world. To find out more about MetalCorp visit its website at www.metalcorp.ca.
For further information, please contact: | |
Pierre Gagné, Director | |
Phone: (807) 626-3621 | |
info@metalcorp.ca |
Caution Regarding Forward-Looking Information
Except for statements of historical fact contained herein, information in this press release may constitute "forward-looking information" within the meaning of Canadian securities laws.
Other than statements of historical fact, all statements herein that involve various known and unknown risks, uncertainties and other factors are "forward-looking information" (such forward-looking
information includes, without limitation, statements regarding TSX Venture Exchange acceptance of the Earn-In Agreement and completion of the earn-in and formation of JVCo).
There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Factors that could cause
actual results or events to differ materially from current expectations include, among other things, failure to obtain TSX Venture Exchange acceptance of the Earn-In Agreement. Readers of
this news release are cautioned not to place undue reliance on these "forward-looking statements". Except as otherwise required by applicable securities statutes or regulation, MetalCorp
expressly disclaims any intention or obligation to update publicly any forward-looking information, whether as a result of new information, future events or otherwise.
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy, accuracy or contents of this news release.