Business
Talon Metals Receives an Option to Purchase the Tamarack Project
Road Town, British Virgin Islands--(Newsfile Corp. - September 25, 2017) - Talon Metals Corp. ...
About this update from Talon Metals Corp.
[{"type":"text","content":"Talon Metals Receives an Option to Purchase the Tamarack ProjectRoad Town, British Virgin Islands--(Newsfile Corp. - September 25, 2017) - Talon Metals Corp. (TSX: TLO) (\"Talon\" or the \"Company\") is pleased to provide an update on the Tamarack Nickel-Copper-PGE project (\"Tamarack Project\"), located in Minnesota, USA. The Tamarack Project comprises the Tamarack North Project and the Tamarack South Project. Talon currently owns an 18.45% interest in the Tamarack Project.Talon's wholly owned subsidiary, Talon Nickel (USA) LLC (\"Talon Nickel\"), has received formal notification from Kennecott Exploration Company (\"KEX\") that KEX has elected to grant Talon Nickel the exclusive option (the \"Purchase Option\") to purchase KEX's 81.55% interest in the Tamarack Project (which would give Talon Nickel a 100% interest in the Tamarack Project) for a total purchase price of US$114,000,000 on the terms and conditions set forth under the Exploration and Option Agreement between KEX and Talon Nickel (the \"Exploration and Option Agreement\"). Pursuant to the Exploration and Option Agreement, Talon Nickel has until November 6, 2017 to advise KEX as to whether it will exercise the Purchase Option. In the event Talon Nickel elects to exercise the Purchase Option, the Exploration and Option Agreement provides that Talon Nickel is required to pay KEX a non-refundable deposit of US$14,000,000 and an additional US$100,000,000 within 18 months. In contrast, in the event Talon Nickel elects not to exercise the Purchase Option, Talon Nickel and KEX have agreed to enter into the Mining Venture Agreement, under which the parties will be joint venture partners, with Talon owning an 18.45% interest in the Tamarack Project and KEX owing an 81.55% interest in the Tamarack Project. \"Talon is in the unique and exciting positon to either own 100% of the Tamarack Project or become a joint venture partner with Rio Tinto under the Mining Venture Agreement. We look forward to updating shareholders as we come to a decision. In either case, we believe this is the start of an exciting new chapter for the Company\", said Sean Werger, President of Talon. About Talon Talon is a TSX-listed company focused on the exploration and development of the Tamarack Nickel-Copper-PGE Project in Minnesota, USA (which comprises the Tamarack North Project and the Tamarack South...