- Doré Copper Mining Corp. (DCMC) has signed an agreement to amend the earn-in option agreement with Ressources Jessie Inc.
- Under this, Doré has the option to acquire the Joe Mann Property from Ressources Jessie
- Doré has agreed to accelerate the final scheduled $1.5 million cash payment to Ressources Jessie and 3.33 million shares, issuable to Legault Metals Inc.
- The deadline for Doré to pay the remaining $830,000 exploration expenditures on the property has also been extended to February 28th, 2023
- Doré Copper Mining Corp. (DCMC) is up 8.33 per cent, trading at $0.39 per share as of 2:46 p.m. EST
Doré Copper Mining Corp. (DCMC) has signed an agreement to amend the earn-in option agreement with Ressources Jessie Inc.
With this, Doré has the option to acquire the Joe Mann Property from Ressources Jessie, as previously announced in 2020. Historically, the property produced 1.12 million ounces of gold at an average grade of 8.26 grams of gold per tonne from the 1950s to 2007.
The company has agreed to accelerate the final scheduled $1.5 million cash payment to Ressources Jessie and 3.33 million shares, issuable to Legault Metals Inc. The shares will be sold at a deemed price of $0.30 per common share for a total of $1 million once approved by the TSX Venture Exchange.
The deadline for Doré to pay the remaining $830,000 exploration expenditures on the property has also been extended to February 28th, 2023.
As a part of the option, Doré is required to grant Ressources Jessie a 2.00 per cent net smelter return royalty on the mine’s production. Doré is entitled to buy back 1.00 per cent of the royalty if it pays $2 million and another 0.50 per cent for a $4 million payment.
Once commercial production at the property has begun, Doré will make an additional $1 million cash payment to Ressources Jessie and issue $1.5 million in Common Shares to Legault.
Doré Copper Mining Corp. (DCMC) is up 8.33 per cent, trading at $0.39 per share as of 2:46 p.m. EST.