Callinan Royalties Purchases Additional Royalty on Gunnison Copper Project

Callinan Royalties Corporation (TSXV:CAA) has exercised its right to purchase a further 0.5 percent gross revenue royalty for C3 million on the Gunnison Copper project. Located in Arizona, the Gunnison project is owned by Excelsior Mining Corp. (TSXV:MIN).

As quoted in the press release:

A Prefeasibility Study on the Gunnison Copper project was filed in February 2014 on SEDAR. In June 2014, Excelsior announced that it had arranged a $4-million financing with Dundee Securities Ltd, which closed in late June. The first milestone was met and the royalty option was recently exercised. Callinan was also granted a Construction Option under the agreement, which gives Callinan the right to buy a 1% GRR for up to C$10 million following completion of the Feasibility Study, receipt of all required permits and Excelsior securing a firm commitment for 50% of the required capital required for mine construction.

Click here to read the Callinan Royalties Corporation (TSXV:CAA) press release