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Enduro Metals Completes Option to Acquire 100% of the Newmont Lake Project, Golden Triangle
Vancouver, British Columbia--(Newsfile Corp. - February 2, 2022) - Enduro Metals Corporation ...
About this update from Enduro Metals Corporation
[{"type":"text","content":"Enduro Metals Completes Option to Acquire 100% of the Newmont Lake Project, Golden TriangleVancouver, British Columbia--(Newsfile Corp. - February 2, 2022) - Enduro Metals Corporation (TSXV: ENDR) (OTCQB: ENDMF) (FSE: SOG) (\"Enduro Metals\" or the \"Company\") is pleased to announce the Company has completed the earn-in of Enduro's 100% Option Agreement on 436km2 of the 653km2 Newmont Lake Project in northwestern British Columbia's Golden Triangle, making Enduro among the largest landholders in the district. The remaining 217km2 is already 100% owned by Enduro Metals.Enduro has completed the final significant milestones required to earn a 100% interest in the Newmont Lake project. These final milestones included delivery of written notice to exercise the Earn-in Option, executing the Net Smelter Return (\"NSR\") Agreement, and making the final payment of $1,000,000. To view an enhanced version of this graphic, please visit:https://orders.newsfilecorp.com/files/6406/112468_6450dd0124329be9_002full.jpgCole Evans, President/CEO of Enduro commented, \"Achieving this major milestone is particularly pleasing given the significant amount and time, resources, and dedication we have put into this project so far. With the Option Agreement now behind us, we can focus on our 2022 exploration program. I'd like to thank our team of professionals and our shareholders for their commitment and support to get this transaction across the line.\"On September 24th, 2018, Enduro Metals (formerly Crystal Lake Mining or CLM) signed a Letter Agreement with Romios to acquire 100% interest in 436km2 of the Newmont Lake Project by completing:$8 million in exploration expenditures over a three-year period (completed).$2 million in cash payments to Romios as follows:$250,000 on signing of the Letter Agreement (paid).$250,000 on 90 days following regulatory approval (paid).$250,000 on 180 days following regulatory approval (paid).$250,000 on 270 days following regulatory approval (paid).$1,000,000 payment upon earning 100% interest (paid).A total of 12 million shares of Enduro Metals as follows:4,000,000 shares issued February 25, 2019 (issued).4,000,000 shares issued November 30th, 2020 (issued).4,000,000 shares issued November 29th, 2021 (issued).Romios will retain a 2% NSR, in addition to any other existing royalties, on the 436km2 optioned claim pac...