Iamgold Chooses to Increase Stake in TSXV-Listed Vanstar Mining's Nelligan Project to 75%; Pays Yorbeau Resources to Keep Option to Buy Rouyn Propert

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Iamgold Chooses to Increase Stake in TSXV-Listed Vanstar Mining's Nelligan Project to 75%; Pays Yorbeau Resources to Keep Option to Buy Rouyn Propert

posted on Dec 11, 2019 12:09PM

2019-12-11 07:59:11 AM ET (MT Newswires)

07:59 AM EST, 12/11/2019 (MT Newswires) -- Gold miner Iamgold (IMG.TO) has exercised its option to increase its interest in Vanstar Mining's (VSR.V) Nelligan Project in Quebec by 24% to 75%.

Iamgold paid $2.4 million to Vanstar and has delivered the first NI43-101 estimate of mineral resources.

In a separate transaction, Iamgold paid $500,000 to Yorbeau Resources (YRB.TO) in order to keep its option to buy 100% of Yorbeau's Rouyn Property in Quebec.

Under the companies' previously announced deal, Iamgold should pay a total of $3 million and incur at least $2 million in exploration expenditures.

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