Aurion Resources Ltd. entered into a nonbinding letter of intent with Kinross Gold Corp. granting the latter a right to earn up to 70% in the Outa project in northern Finland.
The gold-prospective project covers approximately 15,000 hectares in the Central Lapland Greenstone Belt.
Under the terms, Kinross must spend US$5 million over a five-year period, with US$1 million to be spent over the first two years.
The parties are now negotiating and drafting a definitive agreement, according to a Feb. 15 release.
The transaction is subject to Kinross completing its due diligence and each party securing all necessary approvals.
Aurion noted that optioning the property will allow the company to focus its resources on the Risti and Aamurusko gold projects, also in Finland.