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Yorbeau and IAMGOLD sign definitive option agreement for the Rouyn property
Yorbeau and IAMGOLD sign definitive option agreement for the Rouyn property Canada...
About this update from Yorbeau Resources, Inc. Class A
[{"type":"text","content":"\n\n\n\nYorbeau and IAMGOLD sign definitive option agreement for the Rouyn property\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, Dec. 17, 2018\n\n\n\nMONTREAL, Dec. 17, 2018 /CNW Telbec/ - Yorbeau Resources Inc. (TSX: YRB) (the \"Company\" or \"Yorbeau\") is pleased to announce that it has signed a definitive option agreement with IAMGOLD Corporation (\"IAMGOLD\"), whereby IAMGOLD has an option to acquire a 100% interest in Yorbeau's Rouyn property (the \"Property\") in Quebec, Canada.\nThe definitive option agreement provides that, subject to certain conditions, IAMGOLD would make certain cash payments and incur exploration expenditures towards an option to purchase a 100% interest in the Property. In order to earn the purchase option, IAMGOLD must:\nmake an initial cash payment to Yorbeau on the effective date of the definitive option agreement (the \"Effective Date\") of an amount of C$1 million; fund and incur C$9 million of exploration expenditures in a period of up to 48 calendar months following the Effective Date (the \"Expenditure Period\"), including minimum exploration expenditures in each 12‑month period of the Expenditure Period and at least 20,000 meters of diamond drilling within a 24-month period following the later of the Effective Date or the date all requisite governmental approvals or consents for the drilling program shall have been obtained; make interim cash payments to Yorbeau during the Expenditure Period of an aggregate amount of C$3 million; complete a resource estimate for the Property in accordance with IAMGOLD's standard estimation and reporting practices subject to detailed technical parameters agreed to between IAMGOLD and Yorbeau; and make a final cash payment to Yorbeau, in three instalments over up to a two-year period following the Expenditure Period, in an aggregate amount equal to the lesser of (a) an amount calculated by multiplying the total number of ounces of gold identified in the resource estimate by C$15.00 and (b) C$30 million.In addition to the final cash payment, Yorbeau...