BRIEF-Luna Gold announces Greenfields exploration agreement with AngloGold Ashanti

Fri May 27, 2016 9:24am EDT
 
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May 27 (Reuters) - Luna Gold Corp :

* Luna Gold announces Greenfields exploration agreement with AngloGold Ashanti

* Terms of agreement require AngloGold Ashanti to invest us$14 million in exploration expenditure over a four year period

* Should AngloGold Ashanti not fund us$14 million in exploration over 4-yrearn in period, then will not receive any interest in mineral claims

* AngloGold Ashanti is required to spend a minimum of us$2 million during first year of earn-in period

* AngloGold Ashanti can withdraw from agreement at any time after spending us$2 million

* Luna will thereafter be obligated to fund future joint venture expenditures on a pro-rata basis

* Joint venture agreement will provide AngloGold Ashanti with a one-time option to purchase 1% NSR for us$8 million Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)