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Transatlantic reports Q3 results and details Cornucopia deal

Wednesday, November 30, 2016 12:09
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(Before It's News)

Transatlantic Mining Corp (CVE:TOC) reported a near three-fold increase in assets with its third-quarter earnings on Wednesday.

Total assets at Sept 30 were C$2.7mln versus C$716,528 at the end of 2015.

Transatlantic is an emerging metal explorer and developer with focus on high grade and high margin ore deposits to operate and mine.

The company also revealed that on Sept 30 it signed a binding agreement with the owners of a neighbouring claim (Cabin claim) that allows the Company access to recommission the Cornucopia shaft for use in ventilating the deepest reaches of US Grant No. 3 level. The new vent access will allow the Company to ventilate one of its primary production headings and maximize the safety and productivity from this area. In consideration of the right to construct the opening in the Cornucopia shaft and use the shaft for ventilation purposes.

Under the agreement the Transatlantic will pay Smith Trust the sum of $30,000 in two payments of $15,000 on or before Oct. 10, 2016, and $15,000 on or before Oct. 10, 2017. Provided that the payments are made by Transatlantic to Smith Trust as provided in the previous section, the term of this agreement shall be for three years from October, 2016, through October, 2019. Upon expiration of the initial term, the parties may renew the contract upon their mutual consent.

The company also reported a comprehensive loss for the three months ended Sept 30 was C$2.3mln versus C$587,895 in the same period in 2015.

Story by ProactiveInvestors

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