Kinross to earn into Finland property
TSX-V-listed Aurion Resources has granted gold miner Kinross the right to earn a 70% interest in the Silaskaira property, in Finland.
The 54.35-km2 property is adjacent to the Silasselkä vanadium project, currently under option to Strategic Resources, in which Aurion holds a 16% equity interest.
The Silaskaira property is about 28 km north-west of Agnico-Eagle's Kittilä mine.
Kinross could earn a 70% undivided interest in the Silaskaira property by incurring a minimum of $5-million in exploration expenditures on the property and paying Aurion C$100 000 on, or before, the fifth anniversary of the agreement.
Kinross has agreed to spend at least $1-million in exploration expenditures in the next two years, and will act as the operator.
Should Aurion's interest in the joint venture be diluted down to 10% or less, Aurion's interest will be converted to a 2% net smelter return (NSR) royalty on the property.
"We are excited to work with Kinross' first class exploration team on the Silaskaira property," commented Aurion CEO Matti Talikka. "The Silaskaira property is located on the potential northern extension of the Hanhimaa Shear Zone, which hosts several gold occurrences currently being explored by Agnico-Eagle Mines and S2 Resources. We welcome this opportunity to strengthen our relationship with Kinross."
Aurion also amended its agreement with Dragon Mining, subject to TSX acceptance, whereby it has agreed to issue 130 000 common shares of Aurion to Dragon Mining to eliminate encumbrances on the Silaskaira property.
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