Ormonde Mining plc investee has signed a definitive agreement with a third company to join the Golden Rose copper-gold project in Newfoundland, Canada.
ACCELERATE
TRU Precious Metals Corp. granted Eldorado Gold Corp an exclusive option to earn an 80% ownership interest in the joint venture.
Under the terms Eldorado’s expenditure will total $7 million with $8.25m cash payments over seven years.
Ormonde executive chair Brian Timmons said that the deal was the most significant portfolio company development to date for the company, which holds a 36.2% interest.
“Eldorado is a well-capitalised and experienced mid-tier producer capable of significantly advancing a project such as Golden Rose.
“For a company of the size and status of Eldorado to option into Golden Rose at such an early stage of exploration we consider a huge endorsement both of the asset itself, which is flanked by gold deposits, and of TRU’s and Ormonde’s work to date in consolidating the landholding and identifying the potential therein.
“Ormonde believes the deal will accelerate the advancement of the project’s gold and copper potential, while the cash payments will help fund TRU’s corporate overhead as it remains operator of the project.”
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