December 12, 2016 14:17 ET
GREENFIELD PARK, QUEBEC--(Marketwired - Dec. 12, 2016) - J.A.G. MINES Ltd. (JAG) (TSX VENTURE:JML)(NEX:JML.H) is proud to announce it has signed an acquisition agreement to sell 100% of JAG's Malartic gold property to Khalkos Exploration.
The agreement stipulates that Khalkos will first obtain a 55% interest of the property, as originally agreed between the parties in June 2015, in return of a final payment of $20,000 and the issuance of 400,000 shares of Khalkos. JAG will then have received $50,000 and one million shares of Khalkos. Khalkos also spent more than $400,000 of exploration expenditures on JAG claims. For the remaining 45%, Khalkos needs to make a $200,000 cash payment and issue an additional two million shares to JAG. JAG will also obtain a 1% net smelter royalty (NSR) on the eventual gold production.
JAG's Management is comfortable with this transaction. It has great confidence in the Khalkos directors and knows they have the knowledge to develop with success the Malartic gold property that offers a great potential for gold.
The agreement is subject to the approval of the NEX Exchange.
Pierre GevryPresidentJ.A.G. Mines Ltd.firstname.lastname@example.org
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