Business
Bravada Amends Quito Gold Property Agreement with Yamana
Vancouver, British Columbia--(Newsfile Corp. - April 30, 2018) - Bravada Gold Corporation ...
About this update from Bravada Gold Corporation
[{"type":"text","content":"Bravada Amends Quito Gold Property Agreement with YamanaVancouver, British Columbia--(Newsfile Corp. - April 30, 2018) - Bravada Gold Corporation through its wholly-owned US subsidiary Bravo Alaska, Inc. (TSXV: BVA) (OTCQB: BGAVF) (FSE: BRTN) (collectively \"Bravada\") and Yamana Gold Inc. through its wholly-owned US subsidiary Meridian Minerals Corp. (collectively \"Yamana\") have agreed to amend the earn-in agreement for the Quito Property, located along the Austin Gold trend in central Nevada. The amendment will eliminate a \"Claw-back\" provision that allowed Yamana to re-acquire a 51% ownership in Quito after earn-in by Bravada of a 70% working interest in the property with all other terms remaining constant. As consideration for this amendment, Yamana will receive 1,000,000 common shares in Bravada and warrants to purchase 1,000,000 common shares at Cd$0.15 for a period of three (3) years. The amendment is subject to TSX Venture Exchange approval.Amended terms:Bravada can earn a 70% interest in the Quito Property by conducting US$2.5MM in work expenditures by 2020, of which approximately 50% has been spent to date and with additional work expenditures not becoming due until December 31, 2019.Within 60 days after Bravada's earn-in, Yamana can either: 1) elect to participate in further exploration and development expenditures at 30% or 2) elect to surrender its 30% working interest in favour of Bravada in consideration of receipt of a 2% NSR royalty and receipt of US$500,000 as either cash or an equivalent value of shares of Bravada at Bravada's option. No other royalties encumber the property.President Joe Kizis commented, \"The \"Claw-back\" provision has hindered interest by potential joint-venture partners interested in funding exploration and development work on this Project in concert with Bravada. Yamana retains its working interest or royalty rights and now has an opportunity to indirectly participate in Bravada's full portfolio of eleven Nevada properties through its holdings of Bravada shares. A drilling permit was recently received, allowing exploration of the property in 2018.\"The geological setting at Quito resembles many of Nevada's largest and richest Carlin-style gold deposits. Mineralization is concentrated in Paleozoic-age carbonate sediments, with the highest grades being associated with fault intersectio...