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Diamond Fields Announces Eight Month Extension to Beravina Project Agreement
Diamond Fields Announces Eight Month Extension to Beravina Project Agreement Ca...
About this update from Dfr Gold Inc
[{"type":"text","content":"DiamondFieldRes-Berav\n \n \n \n Diamond Fields Announces Eight Month Extension to Beravina Project Agreement\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n VANCOUVER, BC, Sept. 29 2020\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Sept. 29\n \n 2020 /CNW/ -\n \n Diamond Fields Resources Inc.\n \n (TSXV: DFR) (\"DFR\" or, including its subsidiaries, the \"Company\") announces that it has agreed an eight month extension (the \"Extension\") to its cooperation agreement with TMH Acquisition Co (\"TMH\"), as announced on\n \n May 16\n \n 2019 and amended on\n \n 26 June 2020\n \n (the \"Agreement\").\n \n \n The Extension has been agreed due to ongoing travel and operational restrictions resulting from the COVID-19 pandemic and the anticipated impact of the rainy season in\n \n Madagascar\n \n preventing the Company from advancing the Beravina project in\n \n Madagascar\n \n (\"Beravina\" or the \"Project\") within the expected timeframe.\n \n \n The Agreement required DFR to undertake further exploration work (\"Phase 1\") with the aim of locating potential new mineral deposits or extensions to the existing deposit. If successful, the Company has the option to engage in a drilling campaign on the Project (\"Phase 2\") to delineate such deposits.\n \n \n The deadline for DFR to complete Phase 1 and commence Phase 2 has now been extended from\n \n 30 September 2020\n \n to\n \n 31 May 2021\n \n . If work on Phase 2 does not commence by\n \n 31 May 2021\n \n (unless extended by DFR in certain circumstances), the Agreement will terminate. The deadline for completion of Phase 2 has been extended from\n \n 30 November 2020\n \n to\n \n 31 July 2021\n \n .\n \n \n The time available for TMH to exercise its option to acquire the Project as set out in the Agreement has been extended from\n \n 31 December 2020\n \n to\n \n 31 August 2021\n \n , which may be further extended by three months on condition of an advance payment of\n \n US$250,000\n \n by TMH to DFR.\n \n \n All other provisions of the Agreement remai...