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Northern Lion Completes Option Agreement with Centerra

By: MT Newswires
Posted: 5/14/2013 1:05:00 PM
Referenced Stocks: KB

Northern Lion Gold Corp. (NL.V) has completed its previously announced definitive option agreement with Centerra Gold ( KB ) Inc., a subsidiary of Centerra Gold Inc., following approval by the TSX Venture Exchange and confirmation that certain licences applied for by the company have been granted.

Pursuant to the agreement, Centerra can earn up to a 70% interest in a number of the company's exploration permits located in the Larnaca and Paphos districts of the Republic of Cyprus. To earn an initial 51% interest, Centerra must, in addition to the US$100,000 previously paid, make exploration and development expenditures of US$3 million over three years.

Northern Lion will be the operator during the first year of the Initial Option Period, following which Centerra may elect to assume operatorship.