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Timberline Resources Inc.(TSXV:TBR) announced the signing of a non-binding Letter of Intent. The letter will increase the Company’s ownership stake in the Butte Highlands Gold Project from 50-percent to 100-percent.
Timberline Resources Inc.(TSXV:TBR) announced the signing of a non-binding Letter of Intent. The letter will increase the Company’s ownership stake in the Butte Highlands Gold Project from 50-percent to 100-percent.
As quoted in the press release:
The revised terms of the agreement call for Timberline to acquire the remaining 50-percent interest in BHJV in exchange for issuance of shares of the Company’s common stock, not to exceed 5% of the common stock issued and outstanding as of the date of closing, along with a Net Smelter Return (NSR) production royalty of 5% on all production from Butte Highlands, and a future cash payment to Highland Mining of $6 million to be made no later than 2 years subsequent to the commencement of commercial production at Butte Highlands.
Click here to read the Timberline Resources Inc. (TSXV:TBR) press release
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