The termination of the LOI is the result of current market conditions which have made it difficult to meet the requirements of the LOI
Barsele says non-binding letter of intent to acquire 55% interest in the Barsele Project terminated. (Credit: Alex Banner from Pixabay)
Barsele Minerals Corp. – (TSX.V: BME) (the “Company” or “Barsele”) announces that the non-binding letter of intent with Agnico Eagle Mines Limited (“Agnico Eagle”) dated May 10, 2021 (as amended, the “LOI”) to acquire Agnico Eagle’s indirect 55% interest in the Barsele Project has terminated in accordance with its terms.
The termination of the LOI is the result of current market conditions which have made it difficult to meet the requirements of the LOI.
Gary Cope, President and CEO of Barsele commented: “While both companies are disappointed that a transaction was not possible at this time, Barsele looks forward to continuing the joint venture with Agnico Eagle with respect to the Barsele Project. Barsele remains excited about the potential of the Barsele Project and will continue to work with Agnico Eagle to explore mutually beneficial ways to advance and unlock the value of the project.”
About the Barsele Project
The Barsele Project is located on the western end of the Proterozoic “Skellefte Trend”, a prolific volcanogenic massive sulphide deposits belt, that intersects with the “Gold Line” in Northern Sweden. Both polymetallic deposits and intrusive hosted orogenic gold deposits are present in this region and on the property. Current and past producers in the region include Boliden, Kristineberg, Bjorkdal, Svartliden and Storliden.
Source: Company Press Release