Post by
DrHoliday on Jan 07, 2021 4:52pm
Minaurum Gold options Taviche to Fortuna
I thought that AUU Gold79Mines Ltd., (formerly Aura) held or retained a 20% interest in this Taviche project according to the website, but I see no mention of this retained interest in today's news release except for a line mentioning past exploration results done by AUU just below the option schedule.
Excerpt:
"Under the terms of the option agreement, CMC can initially earn a 60% interest (the "Initial Interest") in the project by making cash payments totaling US$450,000 and incurring US$4M in work expenditures over three years. Upon earning the Initial Interest, Fortuna can then earn an additional 20% interest for a total 80% interest in the project by funding Minaurum 's acquisition by way of option exercise of the remaining 20% interest. Upon CMC acquiring the Initial Interest, the parties will form a joint venture, pursuant to which Minaurum will retain a 20% interest which shall be carried until a positive construction decision is made, which is supported by a mineral resource calculation in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects and a Preliminary Economic Assessment."
If Fortuna exercises and fulfils all the terms of this agreement under the option schedule, and earns 80% while Minaurum retains a 20% interest, then I ask where is the 20% interest held by AUU under such a deal?
Here is the link to the MGG press release today for you:
https://www.stockwatch.com/News/Item?bid=Z-C:MGG-3014177&symbol=MGG®ion=C