Bema Gold (BGO-T, BGO-X, BAU-L) and Wolfden Resources (WLF-T) have reached an agreement with Rolling Rock Resources (RLL-V) under which Rolling Rock will take over ownership of the Monument Bay gold prospect, in Manitoba near the Ontario border, in exchange for share issues to both Wolfden and Bema.
Bema, which owns 70% of the project, will get 8 million shares, giving it a 33.7% interest in Rolling Rock. Wolfden, which owns the other 30% interest in Monument Bay, gets 4 million shares and a 16.9% interest.
Rolling Rock issues 4 million shares to Bema and 1.5 million to Wolfden once a feasibility study on the deposit is complete, and if the deposit is brought to commercial production Bema gets another 3 million and Wolfden another half-million shares.
Monument Bay, about 100 km east of Gods Lake Narrows, is a 67-sq.-km property hosting a gold deposit with an inferred resource of 1 million tonnes grading 15.4 grams gold per tonne, based on an 8-gram-per-tonne cutoff grade. At a cutoff grade of 3 grams, the deposit grows to 4.3 million tonnes with the gold grade falling to 7.4 grams per tonne.
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