Orea Mining Corp. has entered into an agreement with a subsidiary of IAMGOLD Corp. to acquire an undivided 100% interest in the Maripa Gold Project, located in French Guiana, France.
On 14 August 2018, Orea entered into an option agreement with IAMGOLD to acquire up to a 70% interest in Maripa conditional upon fulfilling certain requirements, including incurring US$5 million in exploration expenditures within five years to acquire the initial 50% interest. As of 31 December 2021, Orea had incurred approximately US$2.6 million in expenditures on Maripa.
The purchase agreement now allows Orea to acquire 100% interest in Maripa by issuing 6 million common shares to IAMGOLD. Upon closing of the transaction, IAMGOLD will retain a 1.5% net smelter return royalty and Orea will have no further obligations under the option agreement. All shares issued will be subject to a four month plus one day hold period from the date of issuance.
The closing of the transaction is subject to regulatory approval including, notably, the approval of the Toronto Stock Exchange (TSX).
Rock Lefrancois, President & CEO of Orea, comments:
“Maripa is a quality gold exploration project with high potential and exceptional geological setting. We are excited to accelerate outright acquisition on simple, low cost and non-cash terms, and flexibility on the development of the project”.
Read the article online at: https://www.globalminingreview.com/mining/18022022/orea-mining-purchases-maripa-gold-project-from-iamgold/