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Benz Mining exercises option to acquire 75% of Eastmain Gold Project

Oct 27, 2023

Benz Mining Corp. has made the final payment of $1,725,000, of which $1,350,000 was paid in cash and the balance by the issuance of 1,237,216 shares, to Fury Gold Mines Limited to acquire a 75% interest in Eastmain Gold Project and a 75% interest in both the Ruby Hill West and Ruby Hill East properties. 

This payment is in accordance with the terms of the Option Agreement dated August 7, 2019, as amended on April 30, 2020 (the Option Agreements), between Benz and Eastmain Resources Inc (renamed Fury Gold Mines Limited). The shares will be subject to a four month hold period and acceptance of the TSX-V. The issue of shares will fall within the Company's 15% placement capacity under ASX Listing Rule 7.1.

Under the Option Agreements, Benz also has an option to acquire the remaining 25% (for a total interest of 100%) in the Eastmain Gold Project and the Ruby Hill West and Ruby Hill East properties located in the James Bay District, Quebec. For additional information on the Option Agreements, please see Benz's news releases dated August 9, 2019 and April 30, 2020.

Tags: Quebec / Deals & Financial / Gold / All Articles