Welcome to the Tomagold Corporation Hub On AGORACOM
Canadian-based mining exploration company focused on the acquisition, evaluation, exploration and development of gold mining properties with a view to commercial production.
Message: First Year's Earn-In Commitments Completed for TomaGold's Monster Lake Property
First Year's Earn-In Commitments Completed for TomaGold's Monster Lake Property
MONTREAL, QUEBEC--(Marketwired - May 22, 2015) - TomaGold Corporation (TSX VENTURE:LOT) ("TomaGold" or the "Company") is pleased to announce that IAMGOLD Corporation ("IAMGOLD") has met its first year's commitments under the terms of the Earn-in Option agreement for the Monster Lake property by completing exploration expenditures of at least $3 million and making cash payments totaling $520,000.
In November 2013, the Company signed an agreement with IAMGOLD under which IAMGOLD can acquire a 50% interest in the Monster Lake, Winchester and Lac-à-L'Eau-Jaune properties (the "properties") by completing exploration expenditures totalling $16 million and making cash payments totalling $1,575,000 over five and a half years. The following table shows the exploration commitments and cash payment schedule:
| Exploration commitments | Cash payments | |||
| On or before May 1, 2015: (paid) | $3,000,000 | Until now: (paid) | $520,000 | |
| On or before May 1, 2016: (option) | $2,000,000 | On or before November 12, 2015: (option) | $220,000 | |
| On or before May 1, 2017: (option) | $2,500,000 | On or before November 12, 2016: (option) | $235,000 | |
| On or before May 1, 2018: (option) | $3,000,000 | On or before November 12, 2017: (option) | $300,000 | |
| On or before May 1, 2019: (option) | $5,500,000 | On or before November 12, 2018: (option) | $300,000 | |
| Total exploration expenditures: | $16,000,000 | Total cash payments: | $1,575,000 |
IAMGOLD is currently planning a summer/fall exploration program on the properties. The program's orientation will depend on the results obtained from the 2015 winter drilling program on Monster Lake. The Company will announce those results as soon as they are made available.
"We are very pleased that IAMGOLD has elected to pursue its earn-in option for the properties," said David Grondin, President and Chief Executive Officer of TomaGold. "Since the beginning of the option, IAMGOLD has done extensive exploration work on Monster Lake which allowed them to elaborate several exploration strategies and identify numerous drilling targets, which have yet to be drilled. We remain very excited about the properties' exploration potential."
About TomaGold Corporation
TomaGold Corporation is a Canadian-based mining exploration company whose primary mission is the acquisition, exploration and development of gold projects in Canada and abroad. In November 2013, the Company signed an agreement for IAMGOLD to acquire a 50% interest in each of the Monster Lake, Winchester and Lac-à-L'Eau-Jaune properties in exchange for a total of $16 million of exploration work and a cash payments totalling $1,575,000 over five and a half years.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. The statements made in this news release that are not historical facts are "forward-looking statements". Readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results may vary materially from those described in these "forward-looking" statements.
TomaGold Corporation
David Grondin
President and Chief Executive Officer
(514) 206-7727
www.tomagoldcorp.com
New Message
Please
login
to post a reply