IAMGOLD will act as the project operator with the support of TomaGold personnel during the acquisition period of its 50% interest. Once IAMGOLD has acquired its 50% interest, the interests of TomaGold and Quinto will be diluted proportionately such that TomaGold and Quinto hold interests of 45% and 5%, respectively, in the Monster Lake property.
Michael Curtis, president and CEO of Quinto, stated that: "As stated by TomaGold, we are also very pleased to have IAMGOLD as a partner for the Monster Lake project. We believe that IAMGOLD’s financial and technical resources will help in advancing the project to another level. This agreement is also very good for Quinto as IAMGOLD will have to invest $17.575 million in order to earn Quinto’s 5% interest, thus leaving us with a 5% interest in a project that could be far more advanced and far more valuable. Also, Quinto will receive 10% of all cash payments that will be paid during the earn-in period."
