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Barsele Minerals JV completes exploration commitment

Wednesday, November 23, 2016 14:09
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(Before It's News)

Barsele Minerals Corp. (CVE:BME) joint venture partner, Agnico Eagle Mines Ltd., has fulfilled its expenditure commitment of $7mln ahead of the June 11, 2018, deadline, the company said on Wednesday.

As of Oct. 31, Agnico confirmed it has spent $7,545,816 on exploration at the Barsele project in Sweden.

Agnico, as operator of the project, has increased its project budget for 2016 and added a fourth drill to continue expansion drilling, validation drilling, regional drilling and basal till drilling.

Barsele has a 45% ownership in Gunnarn Mining AB, the corporate entity in Sweden that owns the project, and Agnico has 55% ownership. Agnico has the option to increase its interest by delivering a National Instrument 43-101-compliant prefeasibility study on the project, at which point Agnico’s interest in the project will increase to 70%.

Until the prefeasibility study is delivered, Agnico continues to be responsible for all costs and expenses on the project. A final payment of $2mln in cash or shares is due to Orex Minerals Inc. (CVE:REX) in June, 2017, from Agnico.

Barsele’s main property is the Barsele gold project in Vasterbottens Lan, Sweden, a joint venture with Agnico.

Story by ProactiveInvestors

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