Business
Royal Gold Mining Inc. Secures Option on Bellechase Timmins Project
(TheNewswire) Vancouver, BC - TheNewswire - September 29, 2020 - Royal Gold M...
About this update from Auq Gold Mining Inc.
[{"type":"text","content":"Royal Gold Mining Inc. Secures Option on Bellechase Timmins Project\n \n \n (TheNewswire)\n \n \n \n Vancouver, BC -\n \n \n TheNewswire\n \n \n - September 29, 2020 -\nRoyal Gold Mining Inc. -\n \n \n (TSXV:ROYL)\n \n \n The Company reports that it has acquired an option to\nacquire up to a 70-per-cent interest in the advanced-stage Bellechasse\nTimmins gold property located in the Beauce region of southern Quebec\nfrom Yorkton Ventures Inc. (the \"Optionor\"), an arms' length\nparty.\n \n \n \n \n Terms of the Option\n \n \n \n \n In order to acquire a 35-per-cent\ninterest in the property, the Company will:\n \n \n \n \n \n \n - Make a $250,000 cash payment prior to\nOctober 2, 2020 to the Optionor;\n \n \n \n \n - Issue a $100,000 2 year 10%\nPromissory Note to the Optionor;\n \n \n \n \n - Issue 1 million shares of the Company\nto the Optionor;\n \n \n \n \n - Incur $200,000 of Property\nExpenditures within 12 months\n \n \n \n \n \n \n In order to acquire an additional 35%\nresulting in a 70% interest, the Company shall make a cash payment to\nthe Optionor of $350,000 on or before April 15, 2021 and expend\n$250,000 in work expenditures prior to September 30, 2023. At that\npoint a joint venture partnership will be formed where each party will\ncontribute their share of the project expenditures and costs or will\nbe diluted down accordingly. The Agreement is subject to regulatory\napproval.\n \n \n \n \n The Optionor will initially be \noperator of the Bellechasse-Timmins property and budgets must be\napproved by the Optionor. All technical components will be approved by\na technical committee comprising of two nominees of the Optionor and\ntwo nominees of the Company.\n \n \n \n \n PROJECT SUMMARY\n \n \n \n \n The Bellechasse Timmins\n(\"B-T\") project, consists of 138 claims located in the\nMunicipalite regionale de Comte des Etchemins, approximately 80\nkilometres southeast of Quebec City.\n \n \n The property is about 53km\n \n \n 2\n \n \n and covers 15km of favorable\nstratigraphy.\n \n \n \n \n The project area has a well-developed\nand fully integrated infrastructure including an excellent network of\n \n \n well-maintained\n \n \n all-weather roads, three-phase hydroelectric\ntransmission lines, water sources, schools, clinics and hospitals.\nThere are grocery and hardware stores with major national chain\noutlet...