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Rheingold Exploration Corp.
Summary
| Project: | Bygoo | |
|---|---|---|
| Deposit: | Bygoo | |
| Location: | Australia | |
| Commodities: | Tin | |
| Date: | 6/8/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 8-6-2017: Rheingold Exploration Corp. announces a Supporting Acquisition report for its Bygoo deposit at the Bygoo project. Summary of property in support of acquisition. The Bygoo Tin Project consists of three mineral tenements in the central area of New | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Gregory Keith Whitehouse (Australian Exploration Field Services Pty Ltd.) | |
| ABSTRACT: | The Bygoo Tin Project consists of three mineral tenements in the central area of New South Wales Australia with an area of approximately 562 Km2 . The project is owned by Riverston Tin Pty Ltd (Riverston) a wholly owned subsidiary of the Australian Stock Exchange (ASX) listed company Thomson Resources Ltd (TMZ). BeiSur OstBarat Agency Ltd. (“BeiSur”) and Riverston entered into a farm-in and joint venture agreement dated November 2016 as amended (the “Joint Venture Agreement”). Pursuant to the Joint Venture Agreement, BeiSur holds an option to earn 51% interest in the Tenements by paying a total of AUD $3,000,000 to Riverston on or before 31 January 2018 in staged payments. BeiSur also has an option to acquire a further 25% interest in the Tenements by 1 October 2018 upon the payment of an aggregate amount of AUD $22,000,000 to Riverston. If the parties to the Joint Venture propose to acquire or is offered any mining interest in any mining tenement or land which is within five kilometres of the current tenements, that mineral interest must be offered to the JV on a first right of refusal basis. Rheingold Exploration Corporation (the Issuer) and BeiSur entered into an option agreement dated 24 May 2017 (the “Option Agreement”). Pursuant to the Option Agreement, BeiSur granted the Issuer the sole and exclusive option (the “Option”) to acquire an undivided 100% legal and beneficial interest in and to BeiSur’s interest in the Tenements, free and clear of all encumbrances except for the Joint Venture Agreement. | |
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