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Treasury Metals Provides Update on the 100% owned Weebigee Project
Treasury Metals Provides Update on the 100% owned Weebigee Project Canada NewsWire...
About this update from Nexgold Mining Corp.
[{"type":"text","content":"\n\n\n\nTreasury Metals Provides Update on the 100% owned Weebigee Project\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\nCanada NewsWire\nTORONTO, July 10, 2018\n\n\n\nTSX:TML\n\n\n\nTORONTO, July 10, 2018 /CNW/ - Treasury Metals Inc. (TSX: TML) (\"Treasury Metals\" or the \"Company\") is providing an update on its 100% owned Weebigee Project and the recent arbitration proceedings between Treasury Metals subsidiary Goldeye Exploration Ltd. (\"Goldeye\") and Sandy Lake Gold Inc. (\"SLG\"). Weebigee is a non-core asset that provides Treasury Metals with an additional northwestern Ontario gold project and was acquired on November 14, 2016. \n\nBackground on Weebigee Project:\n\nWeebigee Project is an early stage and high-grade gold project located near Sandy Lake in Northwestern Ontario (located 220 kilometres north of Red Lake and 500 kilometres northeast of Goliath Gold Project).\n\nGoldeye entered into an option agreement with GPM Metals Inc. (the \"Option Agreement\") in 2015.  Subsequently, GPM was acquired by SLG.  Under the Option Agreement, SLG has an option to earn a 50.1% interest in the Weebigee Project by paying a total of $550,000 in cash and $25,000 in shares to Goldeye over a period of four years. GPM must also complete a minimum of $5,000,000 in exploration expenditures over a four-year term. In addition, if the first option is exercised, GPM will have the option to earn an additional 19.9% interest by either funding a bankable feasibility study, or at GPM's option, paying Goldeye an additional $1,500,000 in cash and completing a minimum additional $3,000,000 in exploration expenditures over the next two years. According to the recent panel decision, it was determined that SLG has spent $1,292,130.06 in the first year of the required $5,000,000 minimum in the four-year term.\n\nBackground of Additional Interest:\n\nSubsequent to the signing of the Option Agreement, GPM with support and assistance from Goldeye, staked additional claim units (the \"Additional Interest\") near Weebigee Project. This ground is peripheral to the main Weebigee P...