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Yorbeau Announces Receipt of Scheduled Option Payment of $500,000 from IAMGOLD in Order to Maintain its Option on the Rouyn Property
Yorbeau Announces Receipt of Scheduled Option Payment of $500,000 from IAMGOLD in Order t...
About this update from Yorbeau Resources, Inc. Class A
[{"type":"text","content":"\n \n \n \n Yorbeau Announces Receipt of Scheduled Option Payment of $500,000 from IAMGOLD in Order to Maintain its Option on the Rouyn Property\n \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 MONTREAL\n \n ,\n \n Dec. 14, 2020\n \n /CNW Telbec/ - Yorbeau Resources Inc. (TSX: YRB) (\"\n \n Yorbeau\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that in order to maintain its option to purchase a 100% interest in the Rouyn property, IAMGOLD Corporation (\"\n \n IAMGOLD\n \n \") has made the next option cash payment to Yorbeau in the amount of\n \n $500,000\n \n corresponding to the third in a series of scheduled cash payments to be made to Yorbeau during an Expenditure Period of 48 months.\n \n \n The terms of the definitive option agreement were announced in\n \n the Company's press release dated\n \n December 17, 2018\n \n \n . Among other commitments, IAMGOLD must make scheduled cash payments in an aggregate amount of\n \n C$4 million\n \n during the Expenditure Period. In the first two years, IAMGOLD has met and exceeded its expenditure obligation of\n \n C$4 million\n \n in exploration on the property. Planned expenditure programs for 2021 will aggregate\n \n C$2.5 million\n \n and will include the completion of approximately 15,000 metres of drilling mainly focussed on the Gamble Lake zone and other selected targets. Final assay results are pending for the remaining eleven holes drilled on the Astoria deposit which were completed during the 2020 summer drilling program. They will be reported once they are received, validated and compiled.\n \n \n G. Bodnar Jr., President ofthe Company, commented: \"We are very pleased to work with our exceptional partner 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 resume drilling activities early in the coming year.\"\n \n \n \n About the Rouyn Gold Project\n \n \n \n The Rouyn Gold Property is located about 4 km south of\n \n Rouyn-Noranda, Quebec\n \n . With a long history of min...