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BCY Announces Signing of Letter of Intent, Share Consolidation and Proposed Name Change
Feb. 10, 2011 (Filing Services Canada) -- BCY Resources Inc. (BCY - TSX Venture), announces tha...
About this update from Kinross Gold Corporation
[{"type":"text","content":"\nBCY Announces Signing of Letter of Intent, Share Consolidation and Proposed Name Change\n\n\n Feb. 10, 2011 (Filing Services Canada) -- BCY Resources Inc. (BCY - TSX Venture), announces that it has entered into a letter agreement (the \"Agreement\") dated February 7, 2011, subject to regulatory approval, with Riverside Resources Inc. (\"Riverside\") to acquire up to a 75% interest in three drill ready exploration properties (the \"Catrina\", \"Escondida\" and \"Pedernal\" properties) located in Durango-Zacatecas, Mexico (the \"Durango Properties\").  Riverside is the 100% registered and beneficial owner of the Durango Properties, comprising an area of over 76,000 hectares.  The Durango Properties are strategically located in the rich producing Mesa Central region of Mexico.Terms of the OptionIn consideration for the Company's acquisition of a 75% undivided interest in the Durango Properties (the \"Option\"), the Company must meet the following obligations:-------------------------------------------------------------------------Due Dates               Cash Payments       Shares(1)         Exploration                                                             Expenditures-------------------------------------------------------------------------On execution of             the Definitive Agreement      $50,000         200,000                 Nil 6 months from the date          of the Definitive Agreement       Nil         200,000            $200,00012 months from the date     o...