Aura Announces Amendments to Gold Chain, Arizona and Jefferson Canyon, Nevada Property Option Agreements

About this update from West Point Gold Corp.

[{"type":"text","content":"Aura Announces Amendments to Gold Chain, Arizona and Jefferson Canyon, Nevada Property Option AgreementsOttawa, Ontario--(Newsfile Corp. - May 29, 2020) - Aura Resources Inc. (TSXV: AUU) (\"Aura\" or the \"Company\") is pleased to announce that it has entered into amending agreements with respect to its option agreements for both the Gold Chain, Arizona and Jefferson Canyon, Nevada projects. The Company retains a right to earn a 100% interest in both projects while the future payment schedules for certain cash and share payments have been amended as further detailed below.Robert Johansing, President and CEO of Aura, states, \"The amendments to these two property option agreements are an important step to allow Aura to move forward with exploration programs on these highly prospective gold projects. I would like to thank the project optionors for providing us with additional flexibility by reducing and deferring future cash payments and adjusting share payments under these agreements.\"Details with respect to these amendments are as follows:Gold Chain, ArizonaThe amended agreement for the Gold Chain project requires a balance of future annual cash payments of US$510,000 on or before July 30, 2025 compared to the original agreement which required a balance of US$1,450,000 on or before July 30, 2022. Future share payments now total a value of US$300,000 on or before July 30, 2025 compared to the original agreement which required a balance of 450,000 common shares on or before July 30, 2022. Details of the revised future payments are as follows:TimingCash payments (US dollars)Common share payments(US dollars)On or before July 30, 2020$40,000$60,000On or before July 30, 202130,00048,000On or before July 30, 202230,00048,000On or before July 30, 202360,00048,000On or before July 30, 2024100,00048,000On or before July 30, 2025250,00048,000Totals$510,000$300,000 Additionally, the optionors will be entitled to a bonus cash payment equivalent to US$1.00 per ounce of gold, estimated in any resource category determined in a Preliminary Economic Assessment compliant with National Instrument 43-101. Any bonus payment that becomes payable will be creditable toward future amounts due under the existing 2% NSR royalty on the project.There continues to be no minimum commitments for exploration work expenditures under the Gold Chain option ag...

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