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Endurance Expands Land Position and Completes Option Agreement at the Reliance Gold Property in B.C.
VANCOUVER, BC / ACCESSWIRE / July 20, 2020 / Endurance Gold Corporation (TSXV:EDG) (the " ...
About this update from Endurance Gold Corporation
[{"type":"text","content":"Endurance Expands Land Position and Completes Option Agreement at the Reliance Gold Property in B.C.VANCOUVER, BC / ACCESSWIRE / July 20, 2020 / Endurance Gold Corporation (TSXV:EDG) (the \"Company\") announces a 67% increase in the size of Reliance Property in Southern British Columbia from the initial 673 hectares to the current 1,122 hectares (the \"Property\"). Concurrent with this increase the Company has executed a comprehensive option agreement with the Optionor (\"Agreement\"). The Property is located 4 kilometres (\"km\") east of the village of Gold Bridge with year-round road access, and 10 km north of the historic Bralorne-Pioneer Gold Mining Camp which produced over 4 million ounces of gold.Under the terms of the original letter agreement completed in September 2019, the Company can earn a 100% interest in the Property for cash consideration in the aggregate amount of $300,000 to be paid over five years, the allotment and issuance of up to a total of 4,000,000 common shares of the Company (the \"Shares\") by December 31, 2025 and exploration expenditures in the aggregate amount of $3,000,000 to be incurred by December 31, 2024. Prior to this Agreement, the Company had paid $10,000 and issued 200,000 Shares to the Optionor as provided in the original letter agreement. With completion of this Agreement, a further $10,000 payment is payable. The Agreement is subject to a 2.5% net smelter return royalty (\"NSR\"), of which 1.5% NSR can be purchased by the Company at any time for $1,000,000.As part of the Agreement, two claims acquired by the Optionor subsequent to the initial letter agreement were included in the Agreement. In addition, the Company also acquired a 20 hectare claim from a third party and this claim will be included in the Agreement.In September 2019, the Company agreed to issue up to 200,000 Shares to PI Financial Corp. (the \"Finder\") who introduced the Property to the Company. The Shares will be issued and paid to the Finder in two tranches. The initial 100,000 Shares to the Finder are now payable with the completion of the Agreement. The second tranche of 100,000 Shares will be issued and paid on or before January 31, 2021 provided that the Agreement remains in good standing on December 31, 2020. The Shares issued will be subject to a 4 month hold period as per the policies of the TSX Venture Exchange...