Quinto Real Signs Option to Acquire 75% Interest in Chibougamau Projects From Alexandria Minerals
Option includes Gwillim, Fancamp and Embry properties
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 05/19/16 -- Quinto Real Capital Corporation (TSX VENTURE: QIT) ("Quinto" or the "Company") is pleased to announce the signing of an option agreement to acquire a 75% undivided interest in the Chibougamau projects from Alexandria Minerals Corporation ("Alexandria"), which comprise the Gwillim, Fancamp and Embry properties (the "Properties"). Quinto will be the operator of the project.
Here's a summary of the Properties :
Under the terms of the agreement, to acquire a 65% interest in the Properties, Quinto must:
On or before seven years after the effective date, Quinto will have the option of earning an additional 10% undivided interest in the Properties by delivering to Alexandria a NI 43-101 compliant prefeasibility mineral resource estimate that delineates a minimum of 1,000,000 ounces of gold on the Properties.
Following Quinto's 75% earn-in, the relationship will switch to a joint venture, where both parties will contribute to a pro-rata share of operating costs.
Michael Curtis, President and CEO of Quinto, stated: "This transaction will allow us to strengthen our presence in the Chibougamau mining camp, as we own a 5% interest in the Monster Lake property with exploring partners IAMGOLD and TomaGold. Furthermore, we will benefit from having access to a strong mining infrastructure, as well as qualified personnel. From what we have learned, the work that has been done on these properties to date indicate a strong potential for the discovery of gold, which we intend to further explore and develop."
The transaction is subject to regulatory approval.
The technical content of this press release has been reviewed and approved by Tony Brisson, P.Geo., a qualified person as defined by NI 43-101.
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.
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 Chief Executive Officer
(514) 793-1915
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 19.05.2016 - 15:01 Uhr
Sprache: Deutsch
News-ID 472401
Anzahl Zeichen: 8154
contact information:
Town:
MONTREAL, QUEBEC
Kategorie:
Mining & Metals
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"Quinto Real Signs Option to Acquire 75% Interest in Chibougamau Projects From Alexandria Minerals"
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