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TRU Precious Metals Enters Definitive Option Agreement with Eldorado Gold
TRU Grants Option to Acquire 80% Ownership of TRU's Golden Rose Project TORONTO, ON / ACCESS...
About this update from Tru Precious Metals Corp.
[{"type":"text","content":"TRU Precious Metals Enters Definitive Option Agreement with Eldorado Gold TRU Grants Option to Acquire 80% Ownership of TRU's Golden Rose Project TORONTO, ON / ACCESSWIRE / July 30, 2024 / TRU Precious Metals Corp. (TSXV:TRU)(OTCQB:TRUIF)(FSE:706) (\" TRU \" or the \" Company \") is pleased to announce that it has signed a definitive earn-in agreement (the \" Option Agreement \") with Eldorado Gold Corporation (TSX:ELD),(NYSE:EGO) (\" Eldorado \"), effective July 29, 2024, pursuant to which Eldorado has been granted the exclusive option (the \" Option \") to earn an 80% ownership interest in TRU's Golden Rose Project (as defined below), strategically located along the gold deposit-bearing Cape Ray - Valentine Lake Shear Zone in Central Newfoundland (see Figure 1). All figures are in Canadian dollars, unless otherwise stated.TRU Co-Founder and CEO Joel Freudman commented: \"We are thrilled to partner with Eldorado to advance the Golden Rose Project, which we consider a strong endorsement of the work completed since optioning the initial land package from Altius Minerals in 2021, including leveraging the support of our strategic investor Ormonde Mining over the past year. Eldorado's expenditures under the Option Agreement will accelerate the advancement of the Project's gold and copper potential, while the cash payments will help fund TRU's corporate overhead as we remain operator of the Project.\" Figure 1: Golden Rose Project LocationTerms of the Option AgreementIn order to acquire an 80% interest in the Golden Rose Project, Eldorado must make payments and incur exploration expenditures (\" Exploration Expenditures \") on or before the corresponding dates set forth below:PeriodCash Consideration (C$)Exploration Expenditures (C$)Within ten (10) business days of TRU obtaining final approval of TSX Venture Exchange (\" TSXV \") and required permits$250,000-On or before July 5, 2025-$660,000 (drilling)On or before the first (1 st ) anniversary of the date of the Option Agreement(\" Effective Date \")$250,000-On or before the second (2 nd ) anniversary of the Effective Date$250,000$1,000,000($1,660,000 in cumulative Exploration Expenditures)On or before the third (3 rd ) anniversary of the Effective Date$250,000$1,000,000($2,660,000 in cumulative Exploration Expenditures)On or before the fourth (4 th ) anniversary of the Effective Da...