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Golden Arrow Renegotiates Indiana Project Deal & Moves Forward with Drill Program
Golden Arrow Renegotiates Indiana Project Deal & Moves Forward with Drill Program ...
About this update from Golden Arrow Resources Corp.
[{"type":"text","content":"\n\n\n\nGolden Arrow Renegotiates Indiana Project Deal & Moves Forward with Drill Program\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\nGolden Arrow Renegotiates Indiana Project Deal & Moves Forward with Drill Program\nCanada NewsWire\nVANCOUVER, Jan. 6, 2020\n\n\n\nTSX Venture Exchange (TSX-V): GRGFrankfurt Stock Exchange (FSE): G6AOTCQB Venture Market (OTCQB): GARWF\n VANCOUVER, Jan. 6, 2020 /CNW/ - Golden Arrow Resources Corporation (TSX-V: GRG, FSE: G6A, OTCQB: GARWF), (\"Golden Arrow\" or the \"Company\") is pleased to announce that the Company has renegotiated the terms of its option agreement (the \"Agreement\") with the vendors of the Indiana gold-copper project in Chile (\"Indiana\" or the \"Project\"). The Indiana Project represents a near-term production target with upside potential, and includes a permit for mining in the area of an historic resource with two ramps allowing access for exploration and development. \n\n \n \n\n \nGolden Arrow has amended the definitive agreement with the property owner, Mineria Activa SpA, (\"MSA\"), a Chilean private equity investment management firm focused on exploration to production-stage assets in the Mining sector. Golden Arrow now has the right to earn 100% of the Project over a 74-month period, expiring in December 2024, and the total cost of US$15.1M has not changed. However, the payment made prior to the end of 2019 was reduced to US$150,000, and the subsequent payment due in one year is reduced to US$200,000. Golden Arrow has escalating work commitments in the first three years including: a minimum 2,500 metre drill program in 2020 and a further minimum 2,500 metre drill program and commencement of preliminary engineering studies before the end of 2021.\n\"The Indiana project has the potential to be rapidly advanced towards mining, and to be a base to build on with additional projects in the area,\" stated Joseph Grosso, Executive Chairman, CEO & President of Golden Arrow. \"By renegotiating the terms, we have de-risked the project in a way that is more appropriate for our exploration and developm...