TomaGold Corporation (TSXV:LOT) announced the amendment of its agreement with Quinto Real Capital Corporation (TSXV:QIT), dated November 26, 2012, for the Monster Lake property in Quebec. The agreement dated November 26, 2012 will be cancelled, giving TomaGold an 85% interest in Monster Lake and makes the Company the sole project operator.
As quoted in the press release:
To be finalized in the coming weeks, the new agreement essentially provides for:
- The agreement dated November 26, 2012, to be cancelled;
- TomaGold to henceforth hold an 85% interest in Monster Lake and be the sole project operator; and
- Quinto to own a 15% interest in Monster Lake.
TomaGold President and CEO David Grondin said:
This new agreement is very positive for both parties because it optimizes the development of the Monster Lake project. TomaGold becomes the sole operator of the project and continues to consolidate its dominant position around Monster Lake, and Quinto retains a 15% interest in a high-value project with growing potential. In the coming weeks, we will devote our efforts to the launch of our next drilling program at Monster Lake.