Troy signs away some mining rights in Brazil
PERTH (miningweekly.com) – Gold miner Troy Resources has struck a $4-million deal for the lease and assignment of noncore mining rights in Brazil.
The company on Monday announced that it had solidified a letter of intent inked in April, allowing Brazilian company PST Empreendimentos e Participacoes control over certain mining rights which are known to host iron-ore minerals.
The agreement would see PST make a number of milestone payments to Troy subsidiary Reinarda Mineracao (RML), with some of the payment subject to RML obtaining all environmental authorisations and licences necessary for the start of mining iron-ore, and obtaining access to buildings covered by the mining rights to carry out fieldwork.
Subject to the milestones being met, Troy is expected to receive the first $2-million within signing of the definitive agreement, and a further $2-million within 24 months. Where a milestone has not been met within the time frame, the instalment will be delayed until the milestone is met.
Troy will also receive a 1.5% royalty on any gold produced from the areas subject to the mining rights, and the company has granted PST an exclusive option to purchase the gold royalty for the price of $3-million.
Troy told shareholders that proceeds received from the transaction would be used for working capital, including exploration activities, and potentially for the development of the Smarts underground project, if it is decided to proceed with the project.
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