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Uragold Buys Back 3.5% NSR Gold Royalty of the Beauce Placer Gold Project
(via Thenewswire.ca) Montreal, Quebec / TNW-ACCESSWIRE / December 24 2014 / Uragold Ba...
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[{"type":"text","content":"Uragold Buys Back 3.5% NSR Gold Royalty of the Beauce Placer Gold Project(via Thenewswire.ca)\n \n \nMontreal, Quebec / TNW-ACCESSWIRE / December 24 2014 / Uragold Bay Resources Inc. (\"Uragold\") (TSX Venture: UBR) is pleased to announce that that it has purchased the remaining 3.5% net smelter royalty (NSR) over the Rang Chaussegros section of the Beauce Placer Gold property located in the municipality of Saint-Simon-les-Mines in the Beauce region of southern Quebec. \n\n\n \nAnnounced in January 2010 as part of a purchase agreement with a private vendor for the original Beauce Placer project, a 3.5% NSR was payable once Uragold was in production on the Rang Chaussegros section of the project. As a result of series of discussions between involved parties, a new agreement was reached whereby Uragold can purchase the remaining 3.5% NSR for a cash payment of $50,000.\n\n\n \nPatrick Levasseur, President and COO of Uragold stated, \"The Rang Chaussegros now royalty free, this will greatly enhance the financial dynamics of the project increasing its profile to financiers and other stake holders.\"\n\n\n \nUragold is working to secure a non-dilutive financing required to complete a 9,000 cubic meters (m3) of auriferous till pilot-scale operation (Phase 1). The pilot-scale operation is needed to allow the corporation to establish a statistical distribution model for the nugget effect on the gold grade of the buried placer channel. This step is required for the establishment of a higher-level resource category needed to complete the Feasibility Study (\"FS\") requirement of Quebec's the new Mining Act.\n\n\n \nAs previously mentioned, Quebec's Ministry of Natural Resources will grant Uragold a \"conditional\" Mining Lease over the Rang Chaussegros to complete Phase 1 once an Internal Preliminary Economic Assessment (PEA) and an approved Closure Plan is submitted. UBR will be authorized to start full-scale production (Phase 2) once a completed Feasibility Study (\"FS\") is submitted. \n\n\n \nPrivate Placement \n\n\n \nUragold is pleased to announce that it has closed a non-brokered private placement, which is comprised of 10,835,000 units (\"Unit\") at $0.05 per Unit for gross proceeds of $541,750. Insider participation in this placement accounts for 40% of the total amount subscribed. The net proceeds from the Private Placement will ...