As announced to the ASX on 21 November 2016, Riverston Tin PL (a wholly owned subsidiary of Thomson) signed a Farm-in and Joint Venture Agreement for its Bygoo Tin Project with a Canadian investor (BeiSur OstBarat Agency Ltd). BeiSur has granted an option to Rheingold Exploration Corp., a public company listed on the Canadian Securities Exchange (CVE:RGE), to acquire the rights to the agreement.
Rheingold can earn a 51% interest by contributing $A3 million in staged payments by 31 January 2018. Rheingold then has an option to contribute additional $A22 million to earn a further 25% interest, which is exercisable until 1 October, 2018.
The assignment to Rheingold is subject to Canadian Securities Exchange approval and completion by Rheingold of financing raising not less than $C1 million. The payment schedule of the remaining funds to Riverston for exploration at Bygoo is as follows:
- AUD$580,000 within 5 business days of satisfaction of the Conditions
- AUD$800,000 on or before July 31, 2017; and
- AUD$1,500,000 on or before January 31, 2018
To view the Independent Expert Report on Bygoo Tin, please visit:
To view the release, please visit:
About Thomson Resources Ltd
Thomson Resources Ltd (ASX:TMZ) is an NSW active mineral explorer. Thomson has several tin projects (including an advanced project near Ardlethan), as well as gold, copper and zinc targets in a range of settings. Thomson has a good record of discovery, with multiple new Intrusion-Related Gold (gold with copper, lead, zinc, molybdenum, tungsten) systems discovered in the Thomson Fold Belt in the NW of the state.
Thomson Resources Ltd
Rheingold Exploration Corp.