RE:RE:RE:What Will SBL do with the cash??????????????? SBL Peru holds its interest in the Sancos property under an August 2009 option to purchase agreement (the "Barrick Option") with Barrick Gold Corporation's Peruvian subsidiary Placer Dome del Peru S.A.C. ("Barrick"). The Company has notified Barrick of its intention to exercise its option to purchase a 100% interest in the Sancos gold property.
The Company must pay Barrick US$400,000 to exercise the Barrick Option and complete the purchase of 100% of the Sancos property, subject to Barrick retaining an underlying royalty and a one-time back-in right to become the project operator and re-acquire a 51% interest in the property under certain defined conditions. Proceeds from the ERCED sale were used to pay this option exercise payment by its due date of October 5, 2014.