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Yorbeau Announces Receipt of Scheduled Cash Payment From IAMGOLD in Order to Maintain its Option on the Rouyn Property
Yorbeau Announces Receipt of Scheduled Cash Payment From IAMGOLD in Order to Maintain its ...
About this update from Yorbeau Resources, Inc. Class A
[{"type":"text","content":"\n\n\n\nYorbeau Announces Receipt of Scheduled Cash Payment From IAMGOLD in Order to Maintain its Option on 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, June 11, 2020\n\n\n\nMONTREAL, June 11, 2020 /CNW Telbec/ - Yorbeau Resources Inc. (TSX: YRB) (\"Yorbeau\" or the \"Company\") is pleased to announce that in order to maintain its option to purchase a 100% interest in the Rouyn property, IAMGOLD Corporation (\"IAMGOLD\") has made a cash payment to Yorbeau in the amount of $500,000 corresponding to the second in a series of scheduled cash payments to be made to Yorbeau during an Expenditure Period of 48 months. \nThe terms of the definitive option agreement were announced in the Company's press release dated December 17, 2018. Among other commitments, IAMGOLD must make scheduled cash payments in an aggregate amount of C$4 million during the Expenditure Period. In the first year, IAMGOLD has met its expenditure obligation to incur a minimum of C$2 million exploration expenditures on the property. Moreover, IAMGOLD has already exceeded their minimum drilling commitment (completion of a minimum of 20,000 metres of diamond drilling within the first two-years) by drilling to date more than 30,000 metres on the Rouyn property.\nG. Bodnar Jr., Company president commented: \"We continue to be extremely pleased by our business relationship with IAMGOLD. This payment reflects the satisfaction of our partner in the results obtained to date from infill and evaluation drilling programs. We are looking forward to resuming drilling activities on Astoria in the coming weeks.\"\nAbout the Rouyn Gold Project\nThe Rouyn Gold Property is located about 4 km south of Rouyn-Noranda, Quebec. With a long history of mining, the city of Rouyn-Noranda offers many advantages for mining and exploration, including political and social stability, good access and infrastructure, skilled mining personnel, and one of the most mining-friendly jurisdictions in the world. \nThe property covers a 12-kilometre stretch of the Cadillac-Larder Lake Break and ...