IAMGOLD Meets First-year Commitments for Monster Lake Earn In

TomaGold Corp. (TSXV:LOT) announced that IAMGOLD Corp. (TSX:IMG,NYSE:IAG) has met the first-year commitments for its earn-in option agreement for the Monster Lake property. IAMGOLD has now made exploration expenditures of at least $3 million and made cash payments of $520,000.

As quoted in the press release:

In November 2013, the Company signed an agreement with IAMGOLD under which IAMGOLD can acquire a 50% interest in the Monster Lake, Winchester and Lac-à-L’Eau-Jaune properties (the ‘properties’) by completing exploration expenditures totalling $16 million and making cash payments totalling $1,575,000 over five and a half years.

IAMGOLD is currently planning a summer/fall exploration program on the properties. The program’s orientation will depend on the results obtained from the 2015 winter drilling program on Monster Lake. The Company will announce those results as soon as they are made available.

David Grondin, president and CEO of TomaGold, commented:

We are very pleased that IAMGOLD has elected to pursue its earn-in option for the properties. Since the beginning of the option, IAMGOLD has done extensive exploration work on Monster Lake which allowed them to elaborate several exploration strategies and identify numerous drilling targets, which have yet to be drilled. We remain very excited about the properties’ exploration potential.

Click here to read the full TomaGold Corp. (TSXV:LOT) press release.

TomaGold Corporation is a Canadian-based mining exploration company whose primary mission is the acquisition, exploration and development of gold projects in Canada and abroad. In November 2013, the Company signed an agreement for IAMGOLD to acquire a 50% interest in each of the Monster Lake, Winchester and Lac-à-L’Eau-Jaune properties in exchange for a total of $16 million of exploration work and a cash payments totalling $1,575,000 over five and a half years.