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Yorbeau and IAMGOLD Sign Letter of Intent for the Rouyn Property
Yorbeau and IAMGOLD Sign Letter of Intent for the Rouyn Property Canada NewsWire ...
About this update from Yorbeau Resources, Inc. Class A
[{"type":"text","content":"\n\n\n\n\nYorbeau and IAMGOLD Sign Letter of Intent 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, Oct. 25, 2018\n\n\n\nMONTREAL, Oct. 25, 2018 /CNW Telbec/ - Yorbeau Resources Inc. (TSX: YRB.A) (the \"Company\" or \"Yorbeau\") is pleased to announce that it has signed a non-binding letter of intent (\"LOI\") with IAMGOLD Corporation (\"IAMGOLD\") with respect to an option to acquire a 100% interest in Yorbeau's Rouyn property (\"Property\") in Quebec, Canada.\nThe LOI outlines what would be mutually acceptable principal terms for a definitive option agreement under which, 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 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 forty-eight (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 twenty-four (24) month period following the later of the Effective Date or the date all requiste 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 to be agreed between IAMGOLD and Yorbeau in the definitive option agreement; 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 ide...