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Evrim Options Cerro Cascaron Gold-Silver Project to Harvest Gold
Vancouver, British Columbia--(Newsfile Corp. - June 8, 2017) - Evrim Resources Corp. (TSXV: EV...
About this update from Orogen Royalties Incorporation
[{"type":"text","content":"Evrim Options Cerro Cascaron Gold-Silver Project to Harvest GoldVancouver, British Columbia--(Newsfile Corp. - June 8, 2017) - Evrim Resources Corp. (TSXV: EVM) (\"Evrim\" or the \"Company\") is pleased to announce that it has signed an option agreement (the \"Agreement\") with Harvest Gold Corporation (\"Harvest\") in respect of the high grade gold-silver Cerro Cascaron project (\"Project\") in Chihuahua, Mexico. Harvest will have the right to earn up to an 80% interest in the Project by incurring certain exploration expenditures, making cash and share payments and delivering a 43-101 compliant feasibility study.\"We are very excited to partner with Harvest Gold on the Cerro Cascaron project\", commented Paddy Nicol, Evrim's President and CEO. \"Harvest's management team has a demonstrated history of successful project development and we are confident in their commitment to the Project. Cerro Cascaron, with its district scale high grade gold and silver systems, is the type of project that an exploration company such as Harvest can take an aggressive approach to explore and develop quickly. Exploration at the Project is expected to commence shortly with the aim to identify several targets for drill testing later in 2017.\" About the Cerro Cascaron Option Agreement Under the terms of the Agreement, which is subject to TSX Venture Exchange (\"TSX.V\") approval, Harvest can earn an initial 70% interest (the \"Initial Interest\") in the Cerro Cascaron project by incurring $6 million in exploration expenditures, making $900,000 in cash payments and issuing 2,000,000 shares to Evrim over a four year period. Evrim will be the operator during the Initial Interest period. TimeExploration (CDN)Cash (CDN)SharesTSX.V Approval--1,000,000*End of Y1$1.0 million$200,000-End of Y2$1.0 million$100,000-End of Y3$2.0 million$100,000-End of Y4$2.0 million$500,0001,000,000**TOTAL$6.0 million$900,0002,000,000 *      subject to a 12 month hold period and Harvest retains the right to repurchase the shares at a greater of the 20 day volume weighted average price or the issue price at the end of year one.**     Harvest will issue the greater of 1,000,000 shares or 1% of the issued and outstanding shares of Harvest.Once Harvest has earned its Initial Interest it will have a 90 day period during which i...