Grizzly Discoveries Enters Non-Binding LOI With Kinross

Grizzly Discoveries (TSXV:GZD,OTCQX:GZDIF) has entered into a non-binding LOI with Kinross Gold (TSX:K) that will allow Kinross or its affiliate KG Exploration (Canada) an option to acquire a 75 percent interest in a portion of Grizzly’s land holdings in southeastern British Columbia.
As quoted in the press release:

The non-binding LOI is subject to a 90-day exclusivity period during which the parties will make commercially reasonable efforts to enter a definitive option agreement, and Kinross may complete its due diligence of the claims.
Kinross may earn its 75% interest in approximately one third of Grizzly’s lands that form part of its 91,050 hectares of claims in the prolific Greenwood area, stretching along the BC/USA border from Osoyoos to Grand Forks. The target areas of interest to Kinross include the Rock Creek, Midway, Midway South, Sappho, Overlander, Attwood East and Grand Forks areas. These properties are situated north of Kinross’ Kettle River-Buckhorn mine in Washington, USA. For more details, please see the map and NI 43-101 Greenwood Gold Project Technical Reporton the Company’s website at www.grizzlydiscoveries.com.
Kinross may earn a 75% interest in Grizzly’s interest by expending US$3 million including a minimum of 3,000 metres of diamond drilling up to the end of the fifth year of the Option Agreement. In addition, Kinross must spend a minimum of US$750,000 and drill a minimum of 750 metres within the first two years of the option. Should Kinross not complete the terms of the option, all optioned lands would revert to Grizzly. It is contemplated that if the option is exercised by Kinross, that a Joint Venture or a jointly owned mining company will be formed on a 75% Kinross, 25% Grizzly respective interest basis.

Click here to read the Grizzly Discoveries (TSXV:GZD,OTCQX:GZDIF) press release