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Orex has Received a $US 2 Million Payment from Agnico Eagle as per the Agreement on the Barsele Project in Sweden
Orex has Received a $US 2 Million Payment from Agnico Eagle as per the Agreement on the Ba...
About this update from Orex Minerals Inc.
[{"type":"text","content":"\n\n\n\nOrex has Received a $US 2 Million Payment from Agnico Eagle as per the Agreement on the Barsele Project in Sweden\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\nOrex has Received a $US 2 Million Payment from Agnico Eagle as per the Agreement on the Barsele Project in Sweden\nCanada NewsWire\nVANCOUVER, June 13, 2016\n\n\n\nVANCOUVER, June 13, 2016 /CNW/ - Orex Minerals Inc. – (TSX-V: REX) (\"Orex\"), has received the first anniversary cash payment of $US 2 million ($CA 2.54 million) from Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM) (\"Agnico Eagle\") as per the agreement (the \"Agreement\") between Agnico Eagle and Orex whereby Agnico Eagle acquired a 55% interest in the Barsele Project in Västerbottens Län, northern Sweden.\n\nPursuant to the Agreement, Agnico Eagle acquired a 55% interest in the corporate entity which owns the Barsele Project in consideration of an initial payment to Orex of $US 6 million, with an additional $US 2 million payable by Agnico Eagle, in cash or shares at Agnico Eagle's election, to Orex on each of the first and second anniversaries of the closing. As part of the Agreement, Agnico Eagle has committed to spend $US 7 million on Barsele Project expenditures over three years and will earn an additional 15% interest in the corporate entity which owns the Barsele Project if it completes a pre-feasibility study. Orex was also granted a 2% net smelter royalty on production from the Barsele Project which may be repurchased by Agnico Eagle at any time for $US 5 million. Agnico Eagle holds a majority of board seats and will be the operator of the Barsele Project for customary compensation (see Orex news release 11 June 2015).\n\nSubsequent to the original transaction with Agnico Eagle, Orex spun-out their 45% interest in the Barsele Project to a new company Barsele Minerals Corp. (TSX.V: BME). The completion of the Barsele spin out was announced in a news release dated 25 September 2015.\n\nOrex and Barsele's President, Gary Cope says, \"This continuation of Agnico Eagle's involvement in the Barsele Project illustrates th...