Azimut signs option deal with Centerra to earn up to 70% of Corvet, Kaanaayaa properties
CG•Azimut Exploration signed an option agreement with a Centerra Gold unit covering two Quebec properties. Centerra can earn up to 70% by spending $16 million, making payments of up to $850,000 and delivering a preliminary economic assessment with at least 1 million ounces of gold equivalent.
1. Option agreement terms
Centerra can earn a 51% interest over four years by spending $6 million on exploration, including a firm $1.25 million commitment. It can earn an additional 19% over six years by spending $10 million, paying up to $600,000 and delivering a preliminary economic assessment with at least 1 million ounces of gold equivalent. If Centerra does not exercise the second stage, its interest resets to 49% and Azimut’s rises to 51%.
