Tarsis Resources Ltd. (TSXV:TCC) optioned its Erika Gold Project in Mexico to Osisko Mining Corporation (TSX:OSK,FWB:EWX). The Joint Venture Letter Agreement and Option allows Osisko to earn up to a 75% interest in the property.
As quoted in the press release:
Key terms of the Agreement are as follows:
Initial 51% Interest
- $1,000,000 in cash payments to Tarsis over four years; and
- $4,000,000 in expenditures on the property over four years, including a firm first year commitment of $500,000
Additional 24% Interest
- Fund and deliver a Feasibility Study on the property within two years of the 51% earn in.
Tarsis Resources Ltd. President and CEO, Marc Blythe said:
We are very pleased to have attracted a well-financed and experienced mid-tier Canadian gold producer such as Osisko to our Erika project. Completion of this option and joint venture agreement demonstrates the quality of the project and Tarsis’ commitment to the ‘prospect generator’ business model supported by our shareholders.