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Pacific Bay & Aurwest Sign Weaver Gold Property Definitive Option/JV Agreement
Vancouver, British Columbia--(Newsfile Corp. - April 14, 2026) - Pacific Bay Minerals Ltd. (TSXV:...
About this update from Pacific Bay Minerals Ltd.
[{"type":"text","content":"Pacific Bay & Aurwest Sign Weaver Gold Property Definitive Option/JV AgreementVancouver, British Columbia--(Newsfile Corp. - April 14, 2026) - Pacific Bay Minerals Ltd. (TSXV: PBM) (\"Pacific Bay\" or the \"Company\") reports that the Company has entered into a definitive option and joint venture agreement (the \"Agreement\") with Aurwest Resources Corporation (CSE: AWR) whereby Aurwest has acquired an option to earn, subject to the satisfaction of conditions, an undivided interest of up to 50% in Pacific Bay's Weaver Gold gold/silver property (the \"Transaction\") in British Columbia.Transaction SummaryPursuant to the terms of the definitive agreement, Pacific Bay is appointed as the operator of the project, and in consideration of payments, issuance of common shares of Aurwest (\"Common Shares\") and exploration work, Aurwest may earn up to a 50% undivided interest in the Weaver Gold project up each of the yearly anniversaries of the signature of the definitive agreement during a three-year period following the entering into the Transaction. Such payments and Aurwest Common Shares issuances are allocated as follows (in each case subject to and in accordance with the rules and policies of the Canadian Securities Exchange \"(the \"CSE\"));Upon signing of this Agreement, $10,000 and 500,000 shares of Aurwest; (completed);Upon receipt of regulatory approval, payment to PBM of $20,000 worth of common shares of Aurwest based on the 20-day Volume Weighted Average Price of Aurwest (\"VWAP\") On or before the first anniversary of the LOI: $15,000 cash; $25,000 worth of Aurwest shares based on the VWAP; and $75,000 in exploration work on the Property On or before the second anniversary of the LOI: $20,000 cash; $75,000 worth of Aurwest shares based on the VWAP; and an additional $100,000 in exploration work on the Property. On or before the third anniversary of the LOI: $25,000 cash; and $75,000 worth of Aurwest shares based on the VWAP; and an additional $150,000 in exploration work on the Property.The Agreement also contemplates the following:Automatic Joint Venture Formation Upon Option Exercise: Upon Aurwest satisfying all option payments and work commitments, the parties will automatically form a 50/50 joint venture, with Pacific Bay Minerals acting as the initial Operator and a two-member Management Committee governing major decis...