In consideration of the Tay-LP option agreement, Coronet has agreed to pay $10,000 to Long and Associates. Further consideration consists of cash payment of $10,000 by Feb. 3, 2018, and a further $30,000 on or before Dec. 30, 2018, and further cash payments of $60,000 on or before Dec. 30, 2019; $80,000 on or before Dec. 30, 2020; and $160,000 on or before Dec. 30, 2021. Work commitments are $150,000 in 2018, $250,000 in 2019, $500,000 in 2020 and $1-million in 2021. The optionor will retain a 2-per-cent net smelter return upon completion of the terms to acquire 100 per cent of the property, with a $20,000 per year preproduction royalty paid on or before Dec. 30 of each year. This is repayable to optionee upon commencement of production and sale of product. In the event the option is cancelled, at any time, the optionee must insure all claims will have at least one year's assessment work or will pay cash-in-lieu to the optionor.
The proceeding is subject to prior TSX Venture Exchange acceptance.
About Coronet Metals Inc.
Coronet Metals is engaged in the business of acquiring, exploring and developing natural resource properties, with a focus on precious mineral properties/projects which have the potential for both near-term cash flow and significant exploration upside potential. Coronet's White Caps gold project is near the town of Manhattan in Northern Nye county.