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Finlay Minerals Ltd. Options the ATTY Property for Consideration of $1.85 Million and $12 Million of Work
Finlay Minerals Ltd. Options the ATTY Property for Consideration of $1.85 Million and $12 ...
About this update from Finlay Minerals Ltd.
[{"type":"text","content":"\n\n\n\nFinlay Minerals Ltd. Options the ATTY Property for Consideration of $1.85 Million and $12 Million of Work\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\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, March 5, 2018\n\n\n\nVANCOUVER, March 5, 2018 /CNW/ - Finlay Minerals Ltd. (TSXV: FYL)  (the \"Company\") announces the option of its 100% owned ATTY Property to Serengeti Resources Inc. (\"Serengeti\") for consideration totaling $1.85 million. The ATTY, which was purchased from Electrum Resource Corporation in 1999, is adjacent, contiguous and directly to the north of Centerra Gold's Kemess Property encompassing the pre-feasibility Kemess Underground deposit and the advanced Kemess East deposit which is open to the west, north and south. Both these deposits are within 1.0 kilometer of ATTY's borders. The ATTY covers several high potential exploration targets including a possible up-thrown, near surface, fault offset of the adjacent Kemess East deposit.\n\nRobert Brown, the Company's President and Chief Executive Officer states that: \n\n\"With the option of the ATTY Property to Serengeti Resources, who own the UDS Property adjacent to the ATTY, we have created a more robust asset. The Company is looking forward to Serengeti advancing the exploration of the ATTY. This agreement is part of a corporate strategic plan developed by the Company's Board and Management in late 2017 to focus funds on a single project while bringing in partners on the others.\"\n\nThe option agreement's term is over 8 years with all cash payments totaling $625,000, combined cash and/or share payments totaling $975,000, and further payments of $250,000 to purchase Finlay's royalty rights, in addition to work commitments on the ATTY Property of $12 million. The first year of the agreement is binding for Serengeti, including $300,000 of work on the ATTY.\n\nThese transactions are subject to the approval of the TSX Venture Exchange and any shares issued by Serengeti to the Company pursuant to the terms of the option agreement will be subject to a four-month hold period in accordance with appl...