Centerra takes option on US project
Canadian miner Centerra Gold will be exploring the Oakley gold/silver project in the US, with the eventual aim to take a 70% interest in the prospect, which is located just north of the Idaho-Utah state border in Cassia county.
TSX-V-listed Otis Gold, which is being bought out by Excellon Resources, on Monday announced that it had executed an agreement with Centerra.
In terms of the agreement, Centerra would be spending $7-million on exploration and making cash payments of $550 000 over a six-year period.
Centerra would earn a 51% interest in Oakley by incurring $4.5-million in exploration expenditures and by making cash payments of $250 000 over a three-year period. It would then have an option to acquire a further 19% of the Oakley project, for a total of 70%, by incurring an additional $3-million in exploration expenditures and making a cash payment of $300 000 over three years.
Otis president and CEO Craig Lindsay said that the committed expenditure in the first year of the option agreement would likely result in a drill programme at Oakley next year.
During the term of the Oakley agreement, Centerra would be the operator of the project. Otis would act as project manager.
Lindsay noted that the transaction had the support of Excellon, which last month announced that it would acquire Otis.
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