O3 Mining Terminates Option to Acquire Aurbel Mill from Eldorado Gold [Yahoo! Finance]
Eldorado Gold Corporation Ordinary Shares (EGO)
Last eldorado gold corporation ordinary shares earnings: 4/30 05:09 pm
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Source: Yahoo! Finance
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 exp
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