Callinan Royalties has signed an agreement with Hudson Bay Mining and Smelting, a wholly owned subsidiary of HudBay Minerals, in order to end a litigation process Callinan started in early 2007, and to commence a new relationship with Hudbay.
The value of the settlement ranges from a minimum of $6.5m to a maximum of $19m.
The companies will terminate the net profits interest royalty (NPI) agreement effective as of 31 December 2014, and sign a new 4% net smelter royalty royalty deal for the 777 mine claims effective from 1 January 2015.
Cogitore Resources has signed a definitive agreement to sell all of its exploration properties and physical exploration assets in the provinces of Québec and Ontario to Yorbeau Resources.
Yorbeau will purchase all of Cogitore’s real estate, rights, titles; interests to its mining claims, leases, equipment and permits; the rights and interests to its contracts; and all intellectual property and records relating to its mining assets.
Upon completion of the sale, Cogitore proposes to use its available cash to explore new business opportunities.
The transaction is expected to close on or about 22 December.
Ultra Lithium has signed a letter of intent (LoI) with Rock Tech Lithium, where Ultra Lithium has been granted the sole and exclusive right to purchase a 100% interest in the latter’s Georgia Lake lithium project in Ontario.
To purchase the project, the company will have to deliver $750,000 in cash and $750,000 in common shares of Ultra Lithium over a six-month period.
Covering an area of around 4,594ha in the Thunder Bay Mining District of Ontario, the project consists of 22 mineral claims and 81 mining leases.
Rubicon Minerals has entered into a settlement agreement and exploration accommodation agreement (EAA) with Wabauskang First Nation.
WFN will discontinue its appeal against Rubicon regarding the 28 August 2014 decision made by the Ontario Divisional Court to dismiss the application for judicial review, in respect of Rubicon’s production closure plan for its fully permitted Phoenix Gold project.
An EAA has been signed and terms of a potential benefits agreement are outlined in the settlement.
Kaizen Discovery has completed the sale of Kaizen’s Kerboulé gold project in Burkina Faso to Alecto Minerals.
As announced by the company on 17 November, consideration for the sale of its 100% interest in the Kerboulé gold project includes 54,996,857 common shares of Alecto Minerals, which have been received by Kaizen.
The agreement also states that Alecto will issue Kaizen a further $1.5m in Alecto common shares or cash upon attaining milestones at the project.