Bonterra Resources (BTR.V) has concluded the negotiations with Beaufield Resources (BFD.V) whereby the latter will allow Bonterra to earn a 70% stake in the Duke property, which is located on the border of Bonterra’s own project, and surrounds the Gladiator deposit on three sides. According to CEO Dhaliwal, the acquisition solidifies Bonterra’s land position in the Urban Barry gold camp, whilst VP Exploration Dale Ginn seems to be keen to explore for potential western and northeastern extensions of the Gladiator gold deposit.
As per the agreement, Bonterra will have to issue 4 million shares and pay C$750,000 in cash over three years. On top of that, Bonterra will have to spend C$4.5M on exploration expenses to finalize the acquisition of its 70% stake.
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The author has a long position in Bonterra Resources. Bonterra is not a sponsor of the website, but we were compensated by a third party. Please read the disclaimer
