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B2Gold Corp. Sells Interest in Kupol East and West Licenses in Russia to Kinross Gold Corporation
Jul. 23, 2010 07:48PM PST
Gold InvestingB2Gold Corp. (TSX:BTO) announced it has reached an agreement with Kinross Gold Corporation to sell to a subsidiary of Kinross, B2Gold’s right to acquire an interest in the Kupol East and West Licenses, held by BKWE, B2Gold’s wholly owned subsidiary.
B2Gold Corp. (TSX:BTO) announced it has reached an agreement with Kinross Gold Corporation to sell to a subsidiary of Kinross, B2Gold’s right to acquire an interest in the Kupol East and West Licenses, held by BKWE, B2Gold’s wholly owned subsidiary.
The press release is quoted as saying:
In consideration of the acquisition by Kinross of B2Gold’s right to acquire an interest in the licenses, Kinross will make an upfront payment of US$33 million to B2Gold, payable upon closing of the transaction and contingent payments of US$15 million for each incremental million ounces of gold of National Instrument 43-101 compliant proven and probable reserves contained by the Kupol East and West License areas, up to a maximum of nine million ounces of gold (100% basis).
Click here to access the entire press release