Roscan Minerals Corp. said March 2 that it signed a letter of intent with Touba Mining SARL to acquire the gold-prospective Kandiole-West permit, covering 27 square kilometers, in Mali.
In January, Roscan agreed to acquire the contiguous Kandiole-North permit.
Under the terms, Roscan will pay about C$25,000 in registration fees to the applicable Malian governmental agency as well as C$75,000 in staged payments over a three-year period.
Touba will retain a 5% net profit interest and a 2% net smelter return on the start of commercial production. Roscan can buy back half of the NSR for C$1 million.
Roscan expects to complete definitive agreements for each of these permits in the coming weeks. It will also be responsible for maintaining the property in good standing during the option period.
