P2 Gold Amends Silver Reef Agreement - Seite 2
Following exercise of the option and earning a 70% interest in the Silver Reef Property, the Company has the right for a period of 120 days to acquire the remaining 30% interest in Silver Reef, for a 100% total interest, on payment of $7.5 million of which up to $4 million may be paid in Common Shares at its election. If the Company elects to not purchase the remaining 30% interest, the Company and the vendor shall form a joint venture, with the Company appointed the operator. During the first three years of the joint venture, the Company will fund the vendor’s participating interest in the joint venture. If the vendor fails to sell its interest in the joint venture during such three-year period, the vendor’s interest will convert to a 3% net smelter returns royalty, provided that the Company will have the opportunity to purchase the vendor’s interest prior to such conversion for $7.5 million.
About P2 Gold Inc.
P2 is a mineral exploration and development company focused on advancing precious metals and copper discoveries and acquisitions in the western United States and British Columbia.
For further information, please contact:
Joseph Ovsenek President & CEO (778) 731-1055 P2 Gold Inc. Suite 1100, 355 Burrard Street Vancouver, BC V6C 2G8 info@p2gold.com (SEDAR filings: P2 Gold Inc.) |
Michelle Romero Executive Vice President (778) 731-1060 |
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
This press release contains “forward-looking information” within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. “Forward-looking information” includes statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, information with respect to the Company’s expectations, strategies and plans for the Silver Reef Property including the Company’s planned expenditures and exploration activities.