TomaGold Corporation (TSXV: LOT | OTCQB: TOGOF) has announced the successful completion of its initial commitments related to the acquisition of 20 mining properties in the Chibougamau Mining Camp, Quebec, Canada. This acquisition forms a significant portion of the camp.
The Corporation has fulfilled its initial commitments to SOQUEM Inc., Chibougamau Independent Mines Inc. (TSXV: CBG), and Globex Mining Enterprises Inc. (TSX: GMX). This was achieved by making cash payments totalling C$340,000 and issuing 7,125,000 common shares of TomaGold, in accordance with the agreements.
In addition, TomaGold has paid CIM an extra C$200,000 for a six-month exclusivity right to acquire the remaining seven properties. This will enable the company to finalize its due diligence on these properties.
David Grondin, president and CEO of TomaGold, stated, “Meeting our commitments for the year for the majority of the properties being acquired allows us to concentrate on compiling data on these properties to prepare for the next phases of exploration work.” He added, “These acquisitions represent a significant step towards our goal of consolidating this promising and potentially mineral-rich mining camp.”
The Chibougamau Mining Camp has produced approximately 55Mt of ore from 1955 to 2008, corresponding to 994,802t of copper, 120t of gold, 102t of silver, and 72,066t of zinc.
