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| Home : Reunion Gold Corporation Receives $5.2 Million on Termination of the Lely Option Agreement |
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Sep 16
2013 |
Reunion Gold Corporation Receives $5.2 Million on Termination of the Lely Option Agreement |
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LONGUEUIL, CANADA--(Marketwired - Sept. 16, 2013) - Reunion Gold Corporation (TSX VENTURE:RGD) (the "Company") announces that the Company and Grasshopper Aluminum Company N.V. ("Grassalco") have terminated the option agreement under which the Company was entitled to acquire from Grassalco the Lely gold project in Suriname. In consideration for the early termination, Grassalco paid to the Company a gross amount of $5.2 million, which amount represents the exploration costs spent by the Company on the project since 2007. The Company intends to use the funds received to initiate work required towards the completion of a full feasibility study on its Matthews Ridge manganese project in Guyana, for working capital, and general corporate purposes. |
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| Source:http://www.marketwired.com/mw/release.do?id=1830931&sourceType=3 |
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