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Guyana Frontier Mining Corp. (CVE:GYG) reports that it has exercised its option to acquire the Five Star – Case property in northwestern Guyana, South America.
The press release is quoted as saying:
Guyana Frontier acquired its 100% interest in the Property by paying to Case an aggregate of US$85,000 and by issuing a total of 400,000 common shares of Guyana Frontier. The Property is subject to a 3% net smelter returns royalty (“NSR”) payable to Case. Guyana Frontier has the option, at any time prior to commencement of commercial production on the Property, to reduce the NSR to 0% by paying Case an aggregate amount of US$3,000,000. Pursuant to an option agreement between Guyana Frontier and Mulgravian Ventures Corp. (“Mulgravian”), Mulgravian can earn a 51% interest in the Property from Guyana Frontier.
Click here to access the entire news release.
Click here to access Guyana Frontier’s company profile.