MacDonald Mines Signs Binding Letter of Intent to Acquire 100% Interest in Holdsworth Property

MacDonald Mines Exploration (TSXV:BMK) has announced that it has signed a Binding Letter of Intent with Noble Mineral Exploration to acquire Noble’s interest in the Holdsworth property.
As quoted in the press release:

MacDonald previously entered into an Option and Joint Venture (“JV”) agreement with Noble on December 7, 2016 to advance exploration on the Holdsworth property. The LOI supersedes the original agreement.
Quentin Yarie, MacDonald’s President and CEO commented: “In the few months our team has worked on the Holdsworth property, we’ve determined that there is a good potential for gold extraction there. We’ve alreadyinitiated a bulk sampling program of the oxides sands-the main gold target on the property. Securing 100% interest ensures that MacDonald can continue to aggressively advance the Wawa-Holdsworth Project and significantly increase shareholder value.”
LOI Highlights
To acquire 100% interest in the Holdsworth property, MacDonald Mines agrees to:

• Issue 5,500,000 units of the Company’s common shares. Each Unit will consist of one Class A common share and one non-transferable Class A common share purchase warrant exercisable at $0.30 per share for a period of three years from the date of issuance.
• Grant Noble a 1.5% net smelter return royalty (the “NSR”) on the Holdsworth property. MacDonald will have the right to re-purchase one half of the NSR for $500,000 at any time.
• Pay the equivalent of 5,000 ounces of gold equivalent to Noble once MacDonald has extracted, refined and sold a minimum of 50,000 ounces of gold from the oxide sands portion of the Property.

Click here to read the full press release.

Source: www.macdonaldmines.com