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"I am very pleased with the acquisition of the Pic River PGM property,” said Anthony J Cohen, President and CEO of
About the
Mapping by Walker et al (1993) indicates the favourable layered gabbro series (the basal portion of the
According to Generation Mining’s webpage, the
Mineralization hosted on the
The Generation Mining Inc.’s
Exploration by Plato will focus on defining the gabbroic units on the Pic River PGM-Cu-Ni property and determining the PGM-Cu-Ni mineralization.
Mr.
About
Rudy has contributed his time to the sector by organizing conferences, mentoring students, leading field trips, and fostering relationships with First Nations groups. He received an Honorary Doctorate Degree in Science from
Mr.
Details of the option agreement is as follows:
Pic River PGM Option Agreement
The Optionors are
- Total cash payment of
$125,000 as follows:$10,000 to Optionors within 7 days of signing of the Pic River PGM Option Agreement$15,000 to Optionors within 6 months of the TSXV approval of the Pic River PGM Option Agreement$25,000 to Optionors on or before the 1st, 2nd, 3rd and 4th anniversary of the TSXV approval of the Pic River PGM Option Agreement
- Total payment of 1,650,000 common shares
- 300,000 common shares to Optionors within 15 days of TSXV approval of the Pic River PGM Option Agreement
- 450,000 common shares to Optionors on or before the 1st anniversary of the TSXV approval of the Pic River PGM Option Agreement
- 300,000 common shares to Optionors on or before the 2nd, 3rd and 4th anniversary of the TSXV approval of the Pic River PGM Option Agreement
- Combined exploration expenditures of
$160,000 on of the Pic River PGM Option Agreement$40,000 on or before the 1st anniversary of the TSXV approval of the Pic River PGM Option Agreement$120,000 on or before the 4th anniversary of the TSXV approval of the Pic River PGM Option Agreement
In addition, the Pic River PGM Option Agreement includes
- A 3% Net Smelter Return Royalty to Optionors, with first right of refusal for 50% buy back for
$1,500,000 . - A 3% Gross Overriding Royalty from the production of diamonds only to Optionors, with first right of refusal for 50% buy back for
$1,500,000 . - Performance Shares of 1,000,000 common shares to Optionors, if a NI 43-101 compliant resource exceeding 1 million ounces of platinum equivalent, and an additional 1,000,000 common shares to Optionors, upon a positive bankable feasibility study.
- 10% of the sale price or option price in cash or shares to Optionors, if the
Pic River PGM Project claims are sold or optioned to a third party.
About
The
In
For additional company information, please visit: www.platogold.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
For further information, please contact:
President and CEO
T: 416-968-0608
F: 416-968-3339
info@platogold.com
www.platogold.com
Forward Looking Statements
This news release contains “forward-looking statements”, within the meaning of applicable securities laws. These statements include, but are not limited to, statements regarding the potential mineralization and resources, exploration results, and future plans and objectives. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, use of proceeds, level of activity, performance or achievements of Plato to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: risks related to exploration; actual resource viability, and other risks of the mining industry . Although management of Plato has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are incorporated by reference herein, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
Photos accompanying this announcement are available at
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https://www.globenewswire.com/NewsRoom/AttachmentNg/b50b6069-fa86-4f9a-abe6-8ac01d578590
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2020 GlobeNewswire, Inc., source