Yorbeau Announces Termination of Option Agreement on the Rouyn Project
December 19 2022 - 5:23PM
Yorbeau Resources Inc. (TSX: YRB),
(“
Yorbeau” or the “
Company”)
announced today that IAMGOLD Corporation
(“
IAMGOLD”) has terminated its option to purchase
a 100% interest in Yorbeau’s Rouyn property under the definitive
option agreement between Yorbeau and IAMGOLD dated December 14,
2018 (the “
Option Agreement”). IAMGOLD has
indicated to Yorbeau that it has reviewed its options with the
Rouyn project with respect to which it has invested significant
funds over the last four years, and that the decision to terminate
was due, among other factors, to its current decision to delay new
investments in order to focus first on the Côté Gold Project.
The terms of the Option Agreement were announced
in the Company’s press release dated December 17, 2018. Among other
commitments, IAMGOLD was required to make scheduled cash payments
in an aggregate amount of C$4 million during the expenditure period
provided under the Option Agreement, of which C$3.25 million had
been paid by IAMGOLD prior to termination of its option. IAMGOLD
was required to make C$9 million of expenditures during the
four-year option period in order to maintain its option. As at July
2022, IAMGOLD had spent more than C$8.3 million in drilling and
other expenditures on the Rouyn project.
Yorbeau is pleased with the amount of drilling
completed by IAMGOLD. With the Rouyn project no longer being
committed to IAMGOLD, Yorbeau plans to explore other options with a
view to maximizing such project’s value in light of current
economic conditions, including the current market price of gold.
Notwithstanding the termination of the Option Agreement by IAMGOLD,
Yorbeau plans to work with its external consultants to complete the
National Instrument 43-101 compliant mineral resource estimate for
the Rouyn project, in respect of which IAMGOLD had commenced
preliminary work under the Option Agreement.
About Yorbeau Resources
The 100% owned Rouyn property contains four
known gold deposits in the six-kilometre-long Augmitto-Astoria
corridor located in the western part of the property. Two of the
four deposits, Astoria and Augmitto, have substantial underground
infrastructure and have been the subject of technical reports that
include resource estimates and have been filed in accordance with
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects. In 2015, the Company expanded its exploration property
portfolio by acquiring strategic base metal properties in
prospective areas of the Abitibi Belt of Quebec and Ontario that
feature an infrastructure favourable for mining development,
including the Scott project, which bears important mineral
resources (see the press release dated March 30, 2017) and on which
a positive preliminary economic assessment was previously
completed.
Additional information about the Company is
available on its website, http://www.yorbeauresources.com.
For more information, please contact:
G. Bodnar Jr.President, Chief Financial
OfficerYorbeau Resources Inc.gbodnar@yorbeauresources.comTel:
514 384 2202
Toll free in North America: 1 855 384 2202
Forward-looking statements: Except for the
statement of historical fact, all statements in this news release,
including without limitation, regarding future plans and objectives
with respect to the Company’s Rouyn project and the intention to
prepare a National Instrument 43-101 compliance resource estimate,
are forward-looking statements which involve risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate; actual results and future events could differ
materially from those anticipated in such statements. Yorbeau
disclaims any obligation to update such forward-looking information
unless required by applicable securities laws.
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