Quinto Comments on TomaGold's $17.575 Million Agreement With IAMGOLD
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 11/12/13 -- Quinto Real Capital Corporation (TSX VENTURE: QIT) ("Quinto" or the "Company") is pleased to comment on the transaction announced today where TomaGold Corporation ("TomaGold") and IAMGOLD Corporation ("IAMGOLD") finalized an option agreement in which IAMGOLD may earn a 50% interest in each of the Monster Lake, Winchester and Lac a l'eau jaune properties for a total of $17.575 million, including $16 million in exploration work and $1.575 million in payments over five years.
IAMGOLD will act as the project operator with the support of TomaGold personnel during the acquisition period of its 50% interest. Once IAMGOLD has acquired its 50% interest, the interests of TomaGold and Quinto will be diluted proportionately such that TomaGold and Quinto hold interests of 45% and 5%, respectively, in the Monster Lake property.
Michael Curtis, President and CEO of Quinto, stated that: "As stated by TomaGold, we are also very pleased to have IAMGOLD as a partner for the Monster Lake project. We believe that IAMGOLD's financial and technical resources will help in advancing the project to another level. This agreement is also very good for Quinto as IAMGOLD will have to invest $17.575 million in order to earn Quinto's 5% interest, thus leaving us with a 5% interest in a project that could be far more advanced and far more valuable. Also, Quinto will receive 10% of all cash payments that will be paid during the earn-in period."
As stated in TomaGold's release, the agreement is subject to regulatory approval.
About Quinto Real Capital Corporation
Quinto Real Capital Corporation is a Canadian-based mining exploration company focused on the exploration, evaluation and development of gold mining properties with a view to commercial production.
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. Statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statement.
Contacts:
Quinto Real Capital Corporation
Michael Curtis
President and CEO
(514) 303-7895
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Datum: 12.11.2013 - 18:00 Uhr
Sprache: Deutsch
News-ID 315559
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Town:
MONTREAL, QUEBEC
Kategorie:
Mining & Metals
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