Terms of the Agreements
Gossan has agreed to sell and assign to Grid a three-year option to purchase 100% of the title and interest in and to the Bird River Claims held by Gossan.
NSR is defined as a 2% net smelter returns royalty on minerals produced from the Bird River Claims, to be granted by Grid to Gossan pursuant to, and on the terms and conditions set out in, the NSR Agreement.
Deferred Payment Event
Deferred Payment Event is defined as the commencement of Commercial Production by Grid or any affiliate for precious, base, industrial and / or rare earth minerals on the Bird River Claims.
Commercial Production is defined as: if a mill is located on the Bird River Claims, the last day of a period of 30 consecutive days in which, for not less than 20 days, the mill processed ore from the Bird River Claims at the rate of at least 50% of its rated capacity; or if a mill is not located on the Bird River Claims, and the Bird River Claims form all or part of an active mine plan operated by the Purchaser, the last day of a period of 15 consecutive days during which ore has been shipped from the Bird River Claims for the purpose of earning revenues.
About the Bird River Property
The Company's 100%-owned Bird River Property, which covers 51 mineral claims encompassing approximately 2,870 hectares of the
About
Contact:
Tel: (202) 677-8513
Email: info@gossan.ca
Cautionary Statement on Forward-Looking Information
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, uncertainty over the outcome of any litigious matters, the Company's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
(C) 2023 Electronic News Publishing, source