Business
Aurion Options La Bandera to Gammon Gold
Aurion Options La Bandera to Gammon Gold
About this update from Aurion Resources Ltd.
[{"type":"text","content":"\n\n\n\n Dec. 16, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nTSX-V: AU\n\nMT PEARL, NL, Dec. 16 /CNW/ - Aurion Resources Ltd. ("Aurion") (TSX VENTURE: "AU") is pleased to report that is has signed a binding Letter of Intent (LOI) with Gammon Gold Inc ("Gammon") giving Gammon the option to earn up to a 70% interest in Aurion's 100% owned La Bandera gold project in Durango, Mexico.\nUnder the terms of the LOI, Gammon can a earn an initial 51% interest by making $5 million in exploration expenditures over 36 months, including a firm commitment to spend a minimum $1 million in the first 12 months. Gammon can earn an additional 19% by completing a minimum $7 million in additional expenditures or by completing a positive feasibility study within 5 years of earning 51% and forming a Joint Venture. In addition, Gammon will make a $250,000 private placement in Aurion, purchasing share units priced at a 30% premium to the 30-day moving average of Aurion's share price as of the date of signing a Definitive Agreement. Each unit comes with a 1/2 warrant priced at a 50% premium to the 30-day moving average of Aurion share price, as of the date of signing a Definitive Agreement.\n"This is a significant milestone for us", stated Mike Basha, President and CEO of Aurion. "We acquired La Bandera approximately 1 year ago and advanced it through grass roots exploration efforts to a stage where we felt we could attract a joint venture partner. Moreover...