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$4.7 Billion Eldorado Gold Enters Newfoundland Through Option Agreement with TRU Precious Metals
(TheNewswire) Vancouver, BC – August 1, 2024 – TheNews w ire –...
About this update from Tru Precious Metals Corp.
[{"type":"text","content":"$4.7 Billion Eldorado Gold Enters Newfoundland Through Option Agreement with TRU Precious Metals\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Vancouver, BC – August 1, 2024 –\nTheNews\n \n\n w\n \n\n ire – Global\nStocks News – Sponsored by TRU Precious Metals. On July 30, 2024 TRU\nPrecious Metals (TSXV:TRU, OTCQB:TRUIF, FSE:706)\n \n\n announced that it has\n \n\n\n signed an option agreement with\nEldorado Gold (TSX:ELD, NYSE:EGO)\n \n\n\n .\n \n\n\n\n Today Eldorado’s market cap is CAD $4.7 billion while\nTRU’s market cap is\n \n\n CAD $5.7\nmillion,\n \n\n making Eldorado 800 X bigger by market\ncap.\n \n\n\n\n The agreement gives TRU access to the geological\nexpertise and financial resources of a major mining company, while\nEldorado gains a foothold in the gold deposit-bearing Cape Ray –\nValentine Lake Shear Zone in Central Newfoundland.\n \n\n\n\n Eldorado can earn an 80% ownership interest in TRU’s\n \n\n\n Golden Rose Project\n \n\n\n by paying TRU $250,000/year for the next four years, and\nspending $7 million on exploration in the next five years.\n \n\n\n\n Upon execution of the option, Eldorado will pay another\n$7 million to TRU, making the\n \n\n total value of the deal, $15,250,000\n \n\n .\n \n\n\n\n\n\n\n\n Click Image To View Full Size\n \n\n\n “Golden Rose is the marquee asset in Southwest Newfoundland,” TRU\nCEO Joel Freudman told Guy Bennett, CEO of Global Stocks News (GSN).\n“It has three important features: 1. high grade gold, 2. high grade\ncopper, 3. we are flanked between two major gold deposits.”\n \n\n “Calibre Mining purchased one deposit earlier this year for $340\nmillion,” continued Freudman. “Calibre’s five-million-ounce\nValentine gold mine is currently under construction. They are\ntargeting annual output next year of 195,000 ounces on a 12-14 year\nmine life. The asset on the other side of Golden Rose is a 600,000\nounce gold deposit owned by AuMega Metals. We control all the land\nbetween these two deposits.”\n \n\n “We are thrilled to partner with Eldorado to advance the Golden Rose\nProject,” stated Freudman in the July 30 2024 PR, “which we\nconsider a strong endorsement of the work comple...