- Laurion Mineral Exploration (LME) has completed the final payment to acquire the Brenbar Project from Jubilee Gold Exploration
- The final payment included $25,000 cash, 100,000 of its common shares and exploration expenditures in the amount of $100,000
- Laurion owns 100 per cent of the project, subject to a combined 4.50 per cent in net smelter royalties on gold and base metal production
- The company has the option to purchase 1 per cent of the royalties by paying an additional $1 million at any time
- Laurion Mineral Exploration (LME) is unchanged trading at $0.51 per share
Laurion (LME) has completed the final payment to Jubilee Gold Exploration to acquire the Brenbar Project.
Two years ago, the company signed an option agreement with Jubilee regarding the project. Since then, Laurion satisfied all required earn-in requirements, with the final condition consisting of the cash payment of $25,000, issuance of 100,000 common shares and exploration expenditures in the amount of $100,000.
Laurion now holds a 100 per cent interest in the Brenbar Project, subject to a 3.00 per cent net smelter royalty on gold production and a 1.50 per cent net smelter royalty on base metal production payable to Jubilee Gold.
The company has the option to purchase 1.00 per cent of the royalties by paying an additional $1 million at any time.
The Brenbar Project adjoins with the Ishkoday Project and covers 2.55 square kilometres hosting the Brenbar Mine.
Laurion Mineral Exploration (LME) is unchanged trading at $0.51 per share as of 2:28 p.m. EST.