P2 Gold Inc. (TSX-V:PGLD) (OTCQB:PGLDF) reports that it has entered into an agreement with a wholly-owned subsidiary of Orogen Royalties Inc. a TSX Venture Exchange listed company, for the acquisition of certain mineral claims that comprise the western portion of Orogen’s Ball Creek Property. The Agreement remains subject to Exchange approval.
The Ball Creek Claims border the Company’s BAM Project to the north (see the attached map).
Under the terms of the Agreement, in return for the transfer of the Ball Creek Claims, the Company will issue four million shares in its capital to Orogen and grant Orogen a one percent net smelter returns royalty in respect of production from the Ball Creek Claims. In addition, the Ball Creek Property is subject to an underlying agreement with Sandstorm Gold Ltd. pursuant to which Sandstorm holds a two percent net smelter returns royalty one percent of which may be repurchased for $1 million, and is entitled to a payment of $1 million on the announcement of a one-million-ounce Mineral Resource and $3 million on the announcement of a positive feasibility study. Under the Agreement, the Company has agreed to assign Orogen the right to repurchase one percent of the Sandstorm Royalty and assume the obligations to Sandstorm on the announcement of a one-million-ounce Mineral Resource and a positive feasibility study in respect of the portion of the Ball Creek Property being acquired by the Company.
About P2 Gold Inc.
P2 Gold is a mineral exploration and development company focused on advancing precious metals and copper discoveries and acquisitions in the western United States and British Columbia.
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