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Medgold Resources (TSXV:MED) reported that an option agreement for the company’s Boticas project with Koza Ltd. has been terminated.
Medgold Resources (TSXV:MED) reported that an option agreement for the company’s Boticas project with Koza Ltd. has been terminated.
As quoted in the press release:
Medgold Resources Corp. (TSX-V: MED) (the “Company”) announces that its agreement signed in March 2015 with Koza Ltd., whereby Medgold agreed to grant Koza an option to acquire up to a 75-per-cent interest in Medgold’s Boticas gold project in northern Portugal and Koza agreed to complete a $1.5 million equity financing in Medgold, has been terminated by mutual agreement as a result of a disagreement over the timing of the equity investment by Koza in Medgold.
Medgold chairman, Simon Ridgway, said:
It is unfortunate that we could not complete our planned agreement with Koza. We are now actively looking for a new partner for the Boticas project which is an impressive bulk tonnage, intrusive hosted gold target.