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Emgold Mining Moves To Acquire 100% Interest In The Casa South Property

Mining News - Published on Tue, 18 Jun 2019

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Emgold Mining Corporation announced it has completed an amendment to the definitive option agreement between Emgold and Greg Exploration Inc and Affiliates and has exercised its option, granted by the Amendment, to acquire a 100% interest in the Casa South Property, QC. The Property comprises 180 active mining titles covering a total of 10,061 hectares. It is located immediately south of Hecla Mining Corporation’s Casa Berardi Mine which has produced over 2.0 million recovered gold ounces since commencing production in 1988. The presence of mineral resources and reserves found on the Casa Berardi Mine Property does not guarantee discovery or delineation of mineral resources and reserves on the Casa South Property.

Under the terms of the original Option Agreement, Emgold had the option to complete CAD 375,000 in payments over 4 years and complete CAD 1.6 million in exploration expenditures to acquire a 91% interest in the Property. Under the terms of the Amendment, in lieu of the remaining payments and work commitments above and in order to acquire a 100% undivided interest in the Property, Emgold shall have the option of issuing to Vendors an amount of 4,000,000 units from its share capital, each Compensation Unit being comprised of one common share and one half of one common share purchase warrant, each whole Compensation Warrant entitling the holder to acquire 1 common share in the share capital of Emgold at a price of USD 0.25 per Compensation Warrant Share for a period of 24 months from the date of issuance.

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Posted By : Sanju Moirangthem on Tue, 18 Jun 2019
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