Nearby Location News
Globex Acquires Francoeur and Arntfield Gold Mine Properties 2016-03-03
ROUYN-NORANDA, QUEBEC--(Marketwired - March 3, 2016) -
Thundermin Resources Inc. Provides Update on Pelletier Lake Gold Property, Rouyn-Noranda, Quebec 2015-09-17
TORONTO, ONTARIO--(Marketwired - Sept. 17, 2015) - Thundermin Resources Inc. ("Thundermin") (TSX VENTURE:THR) announces that the agreement with QMX Gold Corporation ("QMX") with respect to the Pelletier Lake Gold Property located near Rouyn-Noranda, Quebec ("Pelletier Lake") has been terminated and Thundermin's 100% ownership of Pelletier Lake has been re-instated.
On September 1, 2005, Thundermin granted QMX an option to acquire a 100% interest in Pelletier Lake subject to, among other things, Thundermin's right to receive a 2.5% NSR once the property was put into commercial production (the "QMX Option"). The QMX Option was the subject of an arbitration process which in May 2014 determined that QMX's right to earn a 100% interest in Pelletier Lake was subject to QMX achieving commercial production at Pelletier Lake by February 28, 2018 and making certain annual advanced royalty payments to Thundermin by August 31st in each year until commercial production was achieved. QMX did not comply with the terms and conditions established by the arbitrator and as such on August 31, 2015 all of QMX's rights with respect to Pelletier Lake were terminated.
General 2015-05-10Strategically located along the prolific "Cadillac Trend" in the Abitibi Greenstone Belt (65 kilometres west of Osisko's massive Canadian Malartic Deposit), the former gold producing Granada Mine was acquired by Gold Bullion in 2006. The Company soon completed a successful large bulk sample (30,000 tonnes grading 1.62 g/t Au) and then began to steadily increase its land position around the former mine.