https://www.miningweekly.com

Tertiary finalises sale of Finnish gold assets

22nd March 2017

By: Anine Kilian

Contributing Editor Online

     

Font size: - +

JOHANNESBURG (miningweekly.com) – Aim-listed Tertiary Minerals has completed the sale of its noncore gold assets in Finland to Canadian precious metals miner Aurion Resources for £100 000 in cash and shares.

The assets include Kaaresselkä and Kiekerömaa and Tertiary will retain a royalty interest in these two projects.

"We are delighted that the completion of the sale has gone smoothly,” MD Richard Clemmey said in a statement issued on Tuesday.

Tertiary is entitled to a preproduction royalty of $1/oz of gold following the definition of a National Instrument- (NI-) 43-101-compliant inferred mineral resource estimate on either project and a preproduction royalty of $2/oz of gold following the definition of an NI-43-101-compliant indicated mineral resource estimate on either project.

A preproduction royalty of $3/oz of gold will apply following the definition of an NI-43-101-compliant measured mineral resource estimate on either project.

Tertiary is also entitled to a 2% net smelter return (NSR) royalty on all future gold production from either of the two projects; however, Aurion may buy 50% of the NSR from

Tertiary for $1-million at any time prior to the start of commercial production at either of the projects.

 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)
SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)

Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points

VISIT SHOWROOM 
John Thompson
John Thompson

John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.259 0.303s - 88pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: