Auryn Resources and North Country Gold sign Definitive Joint Exploration Agreement for the High Grade Committee Bay Gold Project and complete Private Placement
VANCOUVER , March 20, 2015 - Auryn Resources Inc. (TSX-V: AUG, "Auryn") and North Country Gold Corp. (TSX-V: NCG, "North Country") jointly announce the execution of a definitive Joint Exploration Agreement (the "JEA") whereby Auryn can earn a 51% interest in North Country's Committee Bay Project in Nunavut, Canada , under the terms of the Letter of Intent previously announced on February 5, 2015 .
Under the JEA, Auryn has the option to spend $6,000,000 CDN over a 30-month period to earn a 51% interest in the mineral concessions comprising the Committee Bay Project at which time the parties will share costs pro-rata in a customary joint venture. Of this amount, $500,000 is a firm commitment to be incurred within the first 12 months. A technical committee will be formed to jointly plan and oversee exploration programs. Auryn will have ultimate discretion over the nature and manner of exploration undertaken during the earn-in period and will become the Operator of the ensuing joint venture, while North Country will provide staff, equipment and consumables as the Contractor to implement programs.
- Published: 21 March 2015
- Written by Editor