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FINLAY MINERALS SIGNS DEFINITIVE AGREEMENT FOR THE OPTION OF ITS PIL PROPERTY
FINLAY MINERALS SIGNS DEFINITIVE AGREEMENT FOR THE OPTION OF ITS PIL PROPERTY C...
About this update from Finlay Minerals Ltd.
[{"type":"text","content":"\n \n \n \n FINLAY MINERALS SIGNS DEFINITIVE AGREEMENT FOR THE OPTION OF ITS PIL PROPERTY\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 March 1, 2022\n \n /CNW/ -\n \n Finlay Minerals Ltd.\n \n (TSXV: FYL) (the \"Company\") announces that further to its news release dated\n \n February 10, 2022\n \n , the Company has entered into a definitive option agreement dated\n \n February 28, 2022\n \n 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 definitive option agreement was entered into pursuant to, and on substantially the terms set forth in, the binding letter of intent described in the Company's\n \n February 10, 2022\n \n news release\n \n \n Pursuant to the definitive option agreement, 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 About Finlay Minerals Ltd.\n \n \n \n Finlay Minerals Ltd. trades under the symbol \"FYL\" on the TSX Venture Exchange. For further information and details, please visit the Company's website at\n \n www.finlayminerals.com\n \n . The Company's properties are:\n \n \n \n the\n \n \n Silver Hope\n \n \n Property which includes porphyry copper-molybdenum mineralization discovered in 2010, along with three silver-copper mineralized zones, in a contiguous trend with the mined-out deposits of the former Equity Silver Mine; (\n \n Reference:\n \n http://minfile.gov.bc.ca/Summary.aspx?minfilno=093L++001\n \n \n \n ).\n \n \n \n In 2020 and 2021 the Equity...