TSX:LSG.DB - Post by User
Post by
lornon Dec 08, 2012 5:48pm
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Post# 20703349
Re. Idlefreebird Fenn-Gibb
Re. Idlefreebird Fenn-Gibb Yes, A mill at Fenn-Gibb would cost big bucks but I think Barrick would be willing to help out..I think they might have a few dollars to get things going?
As consideration for the acquisition of the Fenn-Gib Project, the Company has issued 14.9 million common shares to Barrick, representing 3.9% of outstanding common shares of the Company. Barrick has a right to acquire a 51% interest in the Fenn-Gib Project (excluding the Guibord Main property), and become the Project's operator, in the event that a NI 43-101 resource of at least 5 million ounces is established. In the event this occurs, Barrick will pay the Company cash consideration representing two times the total investment by the Company (excluding acquisition costs) in the Fenn-Gib Project at the time the right is exercised.