O3 Mining is a gold explorer and mine developer on the road to produce from its highly prospective gold camps in Québec, Canada.
O3 Mining Terminates Option to Acquire Aurbel Mill from Eldorado Gold. (Credit: Albert Hyseni on Unsplash)
O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) announces that it has terminated its option with Eldorado Gold Corporation (originally signed with QMX Gold Corporation) to acquire the Aurbel Mill.
Under the terms of the option agreement dated May 14, 2020 (see news release of O3 Mining entitled “O3 Mining Signs Option Agreement to Acquire QMX’s Aurbel Mill, 10 km from Alpha Property”), the Corporation was granted an option to acquire a 100% interest in the Aurbel Mill, the tailings and all associated permits and liabilities, for a purchase price of C$5 million plus annual maintenance costs of C$87,500 per annum to maintain the mill option during the six-year term of the option.
The decision to terminate the option aligns with O3 Mining’s strategic focus on optimizing resource allocation towards the development of the Marban Alliance project, improving our mining engineering and estimation parameters, and pursuing potential processing and tailings synergies with industry peers. O3 Mining will continue its exploration efforts in the Casa Berardi district as well as a brownfield targets at Marban Alliance.
Source: Company Press Release