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Big Ridge Gold Announces Non-Binding Letter of Intent for the Option of the Destiny Gold Project to Caprock Mining Corp.
Toronto, Ontario--(Newsfile Corp. - September 24, 2024) - Big Ridge Gold Corp. (TSXV: BRAU) (OTCQ...
About this update from Big Ridge Gold Corp
[{"type":"text","content":"Big Ridge Gold Announces Non-Binding Letter of Intent for the Option of the Destiny Gold Project to Caprock Mining Corp.Toronto, Ontario--(Newsfile Corp. - September 24, 2024) - Big Ridge Gold Corp. (TSXV: BRAU) (OTCQB: ALVLF) (\"Big Ridge\" or the \"Company\") is pleased to announce it has entered into a non-binding Letter of Intent (the \"LOI\") with Caprock Mining Corp. (CSE: CAPR) (\"Caprock\") for the option of its 100% owned Destiny gold property, located in Despinassay Township, 75km Northeast of Val d'Or, Quebec.Terms of the TransactionSubject to a definitive option agreement, Caprock must make the following cash payments and share issuances to Big Ridge to earn a 100% interest in the Destiny gold property:Issue 8,000,000 common shares in the capital of Caprock on the closing date;Pay $100,000 in cash and issue $250,000 in shares on or before the first anniversary of the option agreement;Pay $250,000 in cash and issue $350,000 in shares on or before the second anniversary;Pay $400,000 in cash and issue $700,000 in shares on or before the third anniversary;Incur aggregate exploration expenditures of $2,450,000 over the term of the option agreement;Upon earning 100% interest in the Destiny gold property, Big Ridge will retain a 1% net smelter return royalty (NSR) on the property, subject to a $1.0 million buy-back right in favour of Caprock.Mike Bandrowski, President & CEO of Big Ridge commented: \"We are excited to work with the Caprock Mining team and believe there is significant potential in the Destiny Gold Project. With the recent move in the price of gold and renewed attention coming into the precious metal exploration space, we believe this is the perfect time to see the Destiny Gold Project move forward. Caprock's exploration team has advanced several world class projects in North America and is the right team to champion the Destiny Gold Project.\"There can be no assurance that the Company and Caprock will enter into a definitive option agreement in a timely fashion, or at all, and the Company will provide a further update on timing in due course. All shares of Caprock to be issued to the Company under the option agreement will be subject to a four-month statutory hold period. About Hope Brook The Hope Brook Gold Project is an advanced stage, high-grade gold project that produced 752,162 ounces of gold from 19...