Post by
rodster55 on Apr 15, 2016 10:59am
Waiting for drilling results .....
Abitibi Royalties Royalty Search: Additional Royalty Acquired East of Bachelor Mine & Corporate Update VAL-D'OR, QUBEC--(Marketwired - April 15, 2016) - Abitibi Royalties Inc. (TSX VENTURE:RZZ) ("Abitibi Royalties" or the "Company") is pleased to announce that it has entered into an agreement with Ivars Azis (the "Claim Holder") to acquire a 2% net smelter royalty ("NSR") on additional mineral claims, located approximately 3.5 kilometres east of Metanor Resources Inc., Bachelor mine in Qubec (Fig 1). This NSR agreement builds on an earlier royalty acquired around the Bachelor mine in 2015 and is the 12th royalty purchased near an existing mine since the "Royalty Search" was launched on June 9th, 2015. In exchange for the 2% NSR, Abitibi Royalties will pay approximately CDN$3,775. In addition, Abitibi Royalties has agreed to pay the Claim Holder approximately CDN$3,775 in exchange for the right to receive 15% of total proceeds should the property be sold. The cash consideration will be paid by Abitibi Royalties from its cash flow. The new package of claims (Fig 1.) also consists of one claim (the "Additional Claim") that was added to the original claim package after the Company's press release dated July 6, 2015. For the Additional Claim, the Company agreed to pay the Claim Holder an amount equal to the next annual claim maintenance fees, estimated at approximately CDN$1,250 at the time of signing the original NSR agreement, and CDN$1,000 for the right to receive 15% of the total proceeds should the Additional Claim be sold.
Comment by
gatorone on Apr 15, 2016 12:23pm
Nothing to see here - Just someone hoping that one day someone (MTO?) will buy the property. Only then will the people make any money.
Comment by
Matagami on Apr 15, 2016 12:42pm
The problem is that nobody wants to buy Metanor.
Comment by
Matagami on Apr 15, 2016 1:33pm
I cannot imagine the reaction of Sprott if the drilling results on Moroy are zero.
Comment by
PMInvestor08 on Apr 15, 2016 1:54pm
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Comment by
Jeepfan on Apr 15, 2016 2:18pm
I am not sure that the zone they are drilling now is part of the Moroy zone. I thought the moroy zone was further east and not so close to the mine head.
Comment by
PMInvestor08 on Apr 15, 2016 6:40pm
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