Ryan Gold Finalizes Option Agreement with Castillian Resources
Ryan Gold Corp. (RYG,V) has amended the terms of its agreement with Castillian Resources Corp. (CT.V) pursuant to which Ryan Gold has been granted the option to acquire a 10% working interest in the option held by Castillian to acquire a 100% interest in the Hope Brook Gold property and associated properties.
In order to acquire its working interest, Ryan Gold is required to incur aggregate exploration expenditures on the property of $2 million by December 31, 2012.
The companies will form a joint venture under which Ryan Gold will have a carried 10% interest until December 31, 2013, following which each company will contribute to further expenditures on the property in proportion to their respective joint venture interests.
RYG went up by 2% to 26 cents but is nearing year low $0.245. CT is also in the green at 4 cents, up 14% but is slightly above year low $0.025.
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