Eagle Creek Gold Corporation,a private Alberta based company has acquired Kenville Gold Property of Anglo Swiss Resources Inc.
The total consideration for the purchase of the property is CDN$10,000,000 which shall be satisfied by the delivery to Anglo Swiss of a $100,000 deposit on signing of the Vending Agreement (received) and $3,900,000 on closing with the balance payable in stages to June 1, 2016.
Additionally, Eagle Creek will pay Anglo Swiss a perpetual 1 per cent Net Smelter Royalty on all production from the Property. The company is committed to invest a minimum of $5,000,000 into mining operations on the property and to make all reasonable efforts to initiate 100 tpd from the underground vein structures contained within the property.
Source: YourIndustryNews