02:36 PM EST, 01/06/2020 (MT Newswires) -- Golden Arrow Resources (GRG.V) was steady after the company on Monday said it renegotiated the terms of an option agreement with Mineria Activa for the Indiana gold-copper project in Chile.

Golden Arrow can gain full interest in the property over a 74-month period ending in December 2024 at a cost of US$15.1 million. However the company said the 2019 payment was reduced to US$150,000 and the 2020 payment will lowered to US$200,000. It did not detail what the original payments were under its original agreement with Minera Activa.

The company plans a 2,500-meter drilling program on the property this year and at least 2,500 meters in 2021.

"By renegotiating the terms, we have de-risked the project in a way that is more appropriate for our exploration and development focus, allowing us to build value through exploration and look to monetize the asset through sale, or partnered development," chief executive Joseph Grosso said in a release.

Golden Arrow shares were last seen unchanged at C$0.195 on the TSX Venture Exchange.

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