Aug 14, 2018
Columbus Gold and IAMGOLD Enter into an Agreement on the Maripa Gold Project in French Guiana
SUMMARY OF PRINCIPAL AGREEMENT TERMS
Two-stage option to earn up to a 70% interest in the Maripa Project:
Initial option (the “First Option”) to acquire a 50% interest by incurring US$5M in expenditures within 5 years of the effective date of the Agreement, with Columbus acting as Operator:
- Firm spending commitment of US$200,000 by December 31, 2018;
- US$1.5M firm cumulative spending commitment by 2nd anniversary of the Effective Date;
- US$2.75M cumulative spending by 3rd anniversary of the Effective Date;
- US$4M cumulative spending by 4th anniversary of the Effective Date;
- US$5M cumulative spending and the completion of an internal scoping study by the 5th anniversary of the Effective Date.
Election to acquire an additional 20% interest:
- Following exercise of the First Option, the parties may form a 50/50 joint-venture (JV), or if IAMGOLD elects not to participate in the 50/50 JV, then Columbus may provide notice to IAMGOLD that it will aim to earn an additional 20% interest by completing a Preliminary Feasibility Study (PFS) in an additional 3 years;
- A 70:30 JV will be formed upon completion of a PFS by Columbus.
If any party’s interest in a JV falls below 10% it will convert to a 2% NSR, of which 1% can be purchased by
the other party for US$3M.
Zitat
“With mine permitting well underway at the Montagne d’Or gold deposit, the timing
was right for this deal on Maripa,” said Robert Giustra, Chairman of Columbus Gold.
“This low-cost, high-potential acquisition solidifies Columbus Gold’s position as the
leading gold exploration and development company in French Guiana.
saludos