BRIEF-Samco Gold signs agreement with Yamana Gold for sale of Corina property

Thu May 19, 2016 10:31am EDT
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May 19 (Reuters) -

* Samco Gold signs agreement with Yamana Gold Inc for sale of Corina property and discontinuance of legal action; terminates participation and option agreement

* Total consideration payable by Yamana in connection with above transactions including purchase of Corina property is US$4 million

* Yamana agreement provides that on June 16, 2016 Corina property will be acquired by Yamana, conditional on prior due diligence by Yamana

* Yamana entitled to receive reimbursement of at least $1 million from termination payments Samco receives from termination of P&O agreement

* Has terminated participation and option agreement with Ricardo A. Auriemma dated January 10, 2014 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)