A roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.
- Shares of Bonterra Resources are trading up today after the company announced a binding letter agreement with Osisko Mining for an exploration earn-in and joint venture agreement.
The Duke property is currently 70% owned by Bonterra and 30% owned by Osisko, and the Lac Barry property is currently 85% owned by Bonterra and 15% owned by Gold Royalties Corp. In its press release, Osisko said that under the binding letter agreement, the company has agreed to pay Bonterra an initial upfront payment of C$1 million in cash and an additional C$4 million in cash upon the parties entering into the definitive agreement.
After completion of the exploration earn-in, Osisko and Bonterra have agreed to form a joint venture entity or contractual joint venture. During the exploration earn-in and upon and following the formation of the joint venture, Osisko will be the operator of the properties.
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