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| Home : Balmoral Receives First Option Vesting Notice From GTA on Northshore Property, Ontario |
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Jul 16
2014 |
Balmoral Receives First Option Vesting Notice From GTA on Northshore Property, Ontario |
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VANCOUVER, BC--(Marketwired - July 16, 2014) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX: BAR) (OTCQX: BALMF) reported today that it has received First Option Vesting Notice under the Northshore Property Agreement ( the "Agreement"; see NR11-17; July 27, 2011) from GTA Resources and Mining Inc. ("GTA") (TSX VENTURE: GTA). Under the terms of the Agreement GTA, who have been the operator on the property since 2011, have the right under the First Option to earn a 51% interest in the Northshore Property from Balmoral subject to making a series of cash and share payments and completing $2,500,000 in expenditures on the Property. Balmoral has received the required cash and share payments and is currently reviewing the expenditure statement provided by GTA which, if accepted, will trigger formal vesting of GTA's First Option Interest in the Property. The Company anticipates it will complete its review within the next 10-12 days. |
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| Source:http://www.marketwired.com/mw/release.do?id=1930113&sourceType=3 |
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