Business
FINLAY MINERALS OPTIONS THE PIL PROPERTY FOR CONSIDERATION OF $1.9 MILLION AND $12 MILLION OF WORK
FINLAY MINERALS OPTIONS THE PIL PROPERTY FOR CONSIDERATION OF $1.9 MILLION AND $12 MILLIO...
About this update from Finlay Minerals Ltd.
[{"type":"text","content":"\n \n \n \n FINLAY MINERALS OPTIONS THE PIL PROPERTY FOR CONSIDERATION OF $1.9 MILLION AND $12 MILLION OF WORK\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Feb. 10, 2022\n \n /CNW/ -\n \n Finlay Minerals Ltd.\n \n (TSXV: FYL) (the \"Company\") announces that it has entered into a binding letter of intent for the option of a 70% interest in its wholly-owned PIL Property to ATAC Resources Ltd. (\"ATAC\") exercisable for consideration totaling\n \n $1.9 million\n \n and\n \n $12 million\n \n of work. The PIL Property, which was purchased from Electrum Resource Corporation in 1999 and augmented in 2001, is in the Toodoggone Mining District of\n \n British Columbia\n \n and is neighboured by TDG Gold Corporation's Sable/Baker Property, Canasil Resources' Brenda Property, AMARC Resource's Joy Property and Questex Gold & Copper's Sofia Property.  The PIL Property is also 25km northwest of the former Kemess South Mine and 15 km east of Benchmark Metal's Lawyer's Project.\n \n \n Pursuant to the letter of intent, ATAC may exercise the option and acquire a 70% interest in the Property by making aggregate cash payments of\n \n $650,000\n \n and share payments having an aggregate cash equivalent value of\n \n $1,250,000\n \n , and incurring an aggregate of\n \n $12,000,000\n \n in exploration expenditures in staged amounts on or before\n \n December 31\n \n , 2026.  Following the exercise of the option, ATAC and Finlay will hold interests in the Property of 70% and 30%, respectively, and a joint venture will be formed.\n \n \n \n Robert Brown\n \n , the Company's President and Chief Executive Officer states that\n \n :\n \n \n \n \n \"Finlay management is very pleased to have the ATAC team involved in funding the PIL property.  ATAC has a proven and professional team of geologists, and the wherewithal to advance PIL using all the most modern exploration techniques.\"\n \n \n \n The PIL Property is subject to a 3% net smelter return royalty held by Electrum Resource Corporation, a private com...