Business
Kinbauri gold royalty
Kinbauri gold royalty.
About this update from Ecora Royalties Plc
[{"type":"text","content":"\n Anglo Pacific Group PLC\n11 March 2008\n\n\n\n11th March 2008\n\n\n Anglo Pacific Group PLC\n Acquisition of gold royalty from Kinbauri Gold Corp.\n\nAnglo Pacific Group plc ('the Company') announces that, effective 10th March\n2008, it has agreed to acquire a 2.5% net smelter return ('NSR') from Kinbauri\nGold Corp. ('Kinbauri') on Kinbauri's El Valle & Carles mines in exchange for\nC$7.5m. The agreement, which is subject to legal approval, also includes a\nclause increasing the NSR to 3% should the gold price exceed US$1,100 per ounce.\n\nIf production from the El Valle mill does not exceed a rate of 90,000 ounces of\ngold per annum on or before 31st December 2012 the amount advanced (less amounts\nalready paid to the Company under the royalty) may convert into common shares of\nKinbauri at a price equal to the lower of $0.73 and the discounted market price\nat the time of conversion. This conversion is at the option of the Company.\n\nKinbauri is a TSXV tier 1 company (TSXV: KNB) focused on the development of the\nEl Valle property in Asturias, Spain. The mine is scheduled to commence\nproduction in the fourth quarter of 2010.\n\nThis acquisition marks another positive step in the Company's strategy to\nbroaden and diversify its portfolio of royalties.\n\nFor further information:\n\nAnglo Pacific Group plc +44 (0) 20 7318 6360\nMr Matthew Tack\n\nNumis Securities +44 (0) 20 7260 1000\nMr James Black\nMr John Harrison\n\nScott Harris +44 (0) 20 7653 0030\nMr Stephen Scott\nMr James O'Shaughnessy\n\nWebsite: www.anglopacificgroup.com\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2062,"tagName":"div"}]