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Yorbeau Announces Receiving $0.5 Million Cash Payment from IAMGOLD in Order to Maintain its Option on the Rouyn Property
Yorbeau Announces Receiving $0.5 Million Cash Payment from IAMGOLD in Order to Maintain it...
About this update from Yorbeau Resources, Inc. Class A
[{"type":"text","content":"\n\n\n\nYorbeau Announces Receiving $0.5 Million 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, Dec. 11, 2019\n\n\n\nMONTREAL, Dec. 11, 2019 /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 first of a series of interim 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 interim cash payments in an aggregate amount of C$3 million during the Expenditure Period, and incur minimum exploration expenditures of C$2 million in each 12‑month period of the Expenditure Period. IAMGOLD has largely met its obligation to incur a minimum of C$2 million of exploration expenditures on the property in the first year. Moreover, the exploration work done within the first year included drilling of 19,966 metres in 66 holes on the Lac Gamble and Astoria zones, while the agreement allowed in fact two years to drill 20,000 metres. The assay results for the latest Astoria drilling are still pending and will be reported once they are received, validated and compiled.\nGérald Riverin, Company president commented: \"The receipt of this cash payment marks an important step as it maintains the option agreement for a second year exploration program at the Rouyn property and reflects the confidence of our partner IAMGOLD in the potential of the project. We are looking forward to initiating the next drilling program 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 explo...