First Uranium enters into $50 million gold stream Transaction
Fri, Nov 6, 2009
First Uranium Corporation reports that it has entered into agreement with Gold Wheaton (Barbados) Corporation.
Under the terms of the Transaction, GW shall pay First Uranium $50 million upon closing of the Transaction and, upon each gold delivery, an ongoing payment equal to the lesser of $400 per ounce and the prevailing spot price (subject to an annual inflation adjustment of 1 percent, starting in the fourth year after the closing payment).
Under the terms of the Transaction, the Ezulwini Mine will deliver to GW a guaranteed minimum of 16,500 ounces in 2010, 19,500 ounces in 2011 and an average of approximately 26,000 ounces of gold per annum thereafter.
Gordon Miller, President and CEO of First Uranium says:
“This second transaction with Gold Wheaton highlights the value of our substantial co-product gold production at Ezulwini.” “This builds on our existing relationship with Gold Wheaton that began with the November 2008 agreement with respect to our Mine Waste Solutions operation.”
For full details of this press release, click this link.
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