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Val-d'Or Mining Enters into Option Agreements with Eldorado Gold
Val-d'Or, Québec--(Newsfile Corp. - December 2, 2021) - Val-d'Or Mining Corporation (TSXV...
About this update from Val-d'or Mining Corporation
[{"type":"text","content":"Val-d'Or Mining Enters into Option Agreements with Eldorado GoldVal-d'Or, Québec--(Newsfile Corp. - December 2, 2021) - Val-d'Or Mining Corporation (TSXV: VZZ) (the \"Company\"), announces that it has entered into two separate option agreements (the \"Option Agreements\") with Eldorado Gold (Québec) Inc. (\"Eldorado\"), a wholly owned subsidiary of Eldorado Gold Corporation. The first Option Agreement (the \"Perestroika Ouest Option\") is for the Perestroika Ouest property (the \"Perestroika Ouest Property\"), which is located in the province of Québec. This agreement enables Eldorado to earn and acquire a 70% interest in the Perestroika Ouest Property by spending a minimum $1 million in exploration expenditures over a period of 5 years. The second Option Agreement (the \"Blue Mountain and Victoria Creek Option\") is for the Blue Mountain property and the Victoria Creek property (the \"Blue Mountain and Victoria Creek Properties\"), located in the province of Ontario. This agreement enables Eldorado to earn and acquire a 70% interest in the Blue Mountain and Victoria Creek Properties by spending a minimum $3 million in exploration expenditures over a period of 5 years. All the properties optioned under the two agreements are prospective for gold.Option Agreement DetailsPerestroika Ouest OptionUnder the Perestroika Ouest Option, Eldorado may earn and acquire, a 70% undivided direct interest in the Perestroika Ouest Property by funding for a minimum of $1,000,000 over a period of 5 years from the execution of the Perestroika Ouest Option and making payments of $10,000 per annum to the Company until Eldorado exercises the Perestroika Ouest Option. Upon exercise of the Perestroika Ouest Option by Eldorado, the parties will be deemed to have formed a joint venture in accordance with the terms set out in the Perestroika Ouest Option. In order to earn and acquire an additional 10% undivided interest in the Perestroika Ouest Property (the \"Additional Perestroika Ouest Option\"), Eldorado will contribute all joint venture expenditures on behalf of the parties, and deliver to the Company, a preliminary economic assessment report (\"PEA\") in respect of the Perestroika Ouest Property. Upon the exercise of the Additional Perestroika Ouest Option by Eldorado, the Company will have a 20% undivided beneficial interest in the Pe...