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Paragon Minerals Corporation (TSXV:PGR) entered into an option agreement with Northern Skye Resources Inc. for Paragon’s 100%-owned JBP Linear Gold Project.
Paragon Minerals Corporation (TSXV:PGR) entered into an option agreement with Northern Skye Resources Inc. for Paragon’s 100%-owned JBP Linear Gold Project.
As quoted in the press release:
The option agreement gives Northern Skye the right to earn an initial 70% interest in the JBP Linear Project by spending $2.0 million on exploration over four years with a firm $250,000 exploration expenditure commitment in the first year. The agreement also calls for Northern Skye to make cash payments totaling $250,000 and share payments totaling 1,000,000 shares of Northern Skye to Paragon over the four year initial earn-in period. Northern Skye will be the operator during the earn-in period and maintain the property and underlying agreements in good standing.
Paragon President and CEO, Michael Vande Guchte, said:
“We are pleased to welcome Northern Skye as a new exploration partner in Newfoundland.””Northern Skye has an impressive management team and we look forward to advancing the JBP Linear Gold Project with them”. This agreement will allow Paragon to continue to focus on its 100%-owned South Tally Pond VMS project in central Newfoundland. Northern Skye is a privately held Canadian company which will be seeking a listing on a Canadian Exchange.
Click here to read the Paragon Minerals (TSXV:PGR) press release
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