Enduro to pay Romios final $1M for Newmont option
2022-01-27 11:27 ET – News Release
See News Release (C-ENDR) Enduro Metals Corp
Mr. Cole Evans of Enduro Metals Corp. reports
ENDURO METALS INITIATES FINAL STEPS TO EXERCISE OPTION TO ACQUIRE 100% OF THE NEWMONT LAKE PROJECT, GOLDEN TRIANGLE
Enduro Metals Corp. has provided notice to Romios Gold Resources Inc. that a final $1-million cash payment has been placed in trust, pending transfer of title, to complete the earn-in of Enduro’s 100-per-cent option agreement on 436 square kilometres of the 653-square-kilometre Newmont Lake project in northwestern British Columbia’s Golden Triangle, making Enduro among the largest landholders in the district. The remaining 217km2 is already 100% owned by Enduro Metals.To view an enhanced version of this graphic, please visit:https://orders.newsfilecorp.com/files/6406/111838_c8790e9f9440faa0_002full.jpg
Cole Evans, President/CEO of Enduro commented, “This is a major milestone for Enduro Metals that emphasizes our confidence in Newmont Lake’s mineral endowment in a top-tier jurisdiction. We are working with Romios to complete the final steps and expect to fully exercise the option on or before January 31st, 2022.”
On September 24th, 2018, Enduro Metals (formerly Crystal Lake Mining or CLM) signed a Letter Agreement with Romios to acquire 100% interest in 436km2 of the Newmont Lake Project by completing:
- $8 million in exploration expenditures over a three-year period (completed).
- $2 million in cash payments to Romios as follows:
- $250,000 on signing of the Letter Agreement (paid).
- $250,000 on 90 days following regulatory approval (paid).
- $250,000 on 180 days following regulatory approval (paid).
- $250,000 on 270 days following regulatory approval (paid).
- Final $1,000,000 payment upon earning 100% interest (in-trust for payment to Romios).
- A total of 12 million shares of Enduro Metals as follows:
- 4,000,000 shares issued February 25, 2019 (issued).
- 4,000,000 shares issued November 30th, 2020 (issued).
- 4,000,000 shares issued November 29th, 2021 (issued).
On completion, Romios will retain a 2% NSR, in addition to any other existing royalties, on the 436km2 optioned claim package and any claims acquired by Enduro Metals within a radius of 5km of the boundary of the optioned claim package. Enduro can repurchase 1% of the NSR for $2,000,000 per 0.5% ($4,000,000 total) within 2 years of the Earn-in Date of the option agreement which is January 31, 2022. Further, Enduro will issue 2,000,000 shares to Romios in the event one or more NI-43-101 compliant resource estimates which collectively exceed 1,000,000 ounces of gold equivalent resources (being the sum of indicated and inferred) are issued. An additional 1,000,000 shares will be issued to Romios for each full 1,000,000 additional ounces of gold equivalent resources which is so documented.
Enduro anticipates reporting further assay results from the successful 2021 field over the coming weeks, along with plans already underway for the upcoming drilling season.
About Enduro Metals
Enduro Metals is an exploration company focused on it’s flagship Newmont Lake Project; a total 654km2 property located between Eskay Creek, Snip, and Galore Creek within the heart of northwestern British Columbia’s Golden Triangle. Building on prior results, the Company’s geological team have outlined 4 deposit environments of interest across the Newmont Lake Project including high-grade epithermal/skarn gold along the McLymont Fault, copper-gold alkalic porphyry mineralization at Burgundy, high-grade epithermal/skarn silver/zinc at Cuba, and a large 9km x 4km geochemical anomaly hosting various gold, silver, copper, zinc, nickel, cobalt, and lead mineralization along the newly discovered Chachi Corridor.
We seek Safe Harbor.
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