TORONTO (miningweekly.com) – TSX-V-listed TomaGold and TSX-listed Iamgold have revised the terms of their agreement dated November 12, 2013, through which Iamgold would have acquired a 50% interest in each of the Monster Lake, Winchester and Lac-a-l'Eau-Jaune properties, in Quebec.
As a result of different factors, including unusually heavy fall rains, which significantly restricted access to areas of the Monster Lake property and delayed Iamgold’s drilling programme, Iamgold and TomaGold reported on Friday that they had agreed to extend the exploration commitments in the agreement from November 12 to May 1.
As a result of the change in the exploration commitments for the agreement period, Iamgold would spend $3-million on exploration by the revised date instead of $2-million. Iamgold also advanced the cash payment date and paid TomaGold $170 000.