Business
McLaren Resources Completes Agreements on Three Timmins Area Gold Properties
Toronto, Ontario--(Newsfile Corp. - May 14, 2020) - McLaren Resources Inc. (CSE:MCL) (FSE: 3ML) (OTC: MLRNF) ("McLaren") announces that it has completed a purch
About this update from Mclaren Resources, Inc.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - May 14, 2020) - McLaren Resources Inc. (CSE:MCL) (FSE: 3ML) (OTC: MLRNF) (\"McLaren\") announces that it has completed a purchase and sale agreement (\"PSA Agreement\") and an option agreement (\"Option Agreement\") with Goldcorp Canada Ltd., a wholly-owned subsidiary of Newmont Corporation (\"Newmont\"), on Newmont's McCool and Kerrs gold properties and McLaren's Augdome gold property, respectively. All three gold properties are located in the prolific Timmins Gold District in Northeastern Ontario where over 70 million ounces of gold have been produced to date. The Transaction Under the terms of the PSA Agreement, Newmont shall immediately transfer to McLaren its 100% interest in the 275 hectare (\"ha\") McCool gold property and its 100% interest in the 775 ha Kerrs gold property, subject to Newmont retaining a 1.0 % net smelter returns interest (\"NSR\") on any future production from either property. Newmont shall also transfer to McLaren copies of all geotechnical information from past exploration programs carried out on these properties that it has in its possession. Under the terms of the Option Agreement, McLaren has granted Newmont an option to acquire a 100% interest in McLaren's 408 ha Augdome gold property. The option can be exercised by Newmont at any time prior to May 5, 2024 upon the payment by Newmont of CDN $500,000 to McLaren, such amount to be increased on a yearly basis according to the Canadian Consumer Price Index commencing on January 1, 2021 until the option is exercised. During the term of the option, McLaren has granted Newmont unfettered access to the Augdome property to carry out any and all exploration and geotechnical work it wishes to undertake on the property. If and when Newmont exercises the option, McLaren shall transfer a 100% interest in the Augdome property to Newmont, subject to McLaren retaining a 1.0% NSR on any future production from the Augdome property. McLaren shall also transfer to Newmont copies of all geotechnical information from past exploration programs carried out on the property that it has in its possession. The Properties The 275 ha McCool gold property, held under one Ontario Mining Lease consisting of surface and mining rights, is located in McCool Township and the 775 ha Kerrs gold property, held under five Ontario Mining Lease...