ST.
JOHN'S NL, Aug. 23, 2023 /CNW/ - Aurion Resources
Ltd. (TSXV: AU) (OTCQX: AIRRF) ("Aurion" or the
"Company") announces that it has signed a formal
definitive option agreement with Kinross Gold Corporation (TSX: K,
NYSE: KGC); ("Kinross") granting Kinross the right to earn up to an undivided
70% interest in the 42.74 km2, Launi East Property,
which is located to the southeast and adjacent to the Company's
100%-owned Risti Property.
Figures associated with this release can be found on the
Company's website through the following link:
https://aurionresources.com/site/assets/files/1508/nr23-18figures.pdf.
Under the terms of the agreement, Kinross can earn a 70% undivided interest in
the Launi East Property by incurring a minimum of USD$10,000,000 in exploration expenditures on or
before the seventh anniversary of the agreement dated August 21st, 2023. Subject to
receiving all necessary permits for a drilling program,
Kinross has agreed, as a firm
obligation, to incur a minimum of USD$2,000,000 in exploration expenditures on, or
before the second anniversary of the agreement.
Should Aurion's interest in the joint venture be diluted down to
10% or less, Aurion's interest will be converted to a 2% Net
Smelter Return (NSR) Royalty on the property. Kinross may purchase one-half of the royalty
to reduce the royalty to 1% of net smelter returns for USD$2,000,000.
"We are pleased to extend our excellent working relationship
with Kinross and their first-class
exploration team on the Launi East property," commented
Matti Talikka, Aurion's CEO. "The
Company staked the Launi East Property in 2018 and has since
completed a significant amount of surface, geophysical, geochemical
work on the property, as well as limited drilling. We welcome the
Kinross team to build upon the
work completed and unlock value from the property."
Silaskaira Property
Kinross has informed the Company on the
termination of the Silaskaira option agreement. Aurion will regain
full ownership of the property and related data.
About Aurion Resources Ltd.
Aurion is a
well-funded, Canadian exploration company listed on the TSX Venture
Exchange (TSX-V: AU) and the OTCQX Best Market (OTCQX: AIRRF).
Aurion's strategy is to generate or acquire early-stage precious
metals exploration opportunities and advance them through direct
exploration by our experienced team or by business partnerships and
joint venture arrangements. Aurion's current focus is exploring on
its Flagship Risti and Launi projects, as well as advancing its
joint venture properties with B2Gold and Kinross in Finland.
On behalf of the Board of Directors,
Matti Talikka, CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Aurion Resources Ltd.
