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Red Pine increases stake in Wawa gold project in Ontario to 64.5%

Red Pine Exploration Inc. said Dec. 11 it increased its stake in the Wawa gold project in Ontario to 64.5% from 60%.

The move came through Red Pine's joint venture agreement with Citabar Ltd. Partnership, which decreased its stake in the Wawa project to 35.5%.

Red Pine said it is awaiting confirmation on whether Citabar will fund its portion of the 2020 exploration budget for the project. If Citabar chooses not to fund all or a portion of its share in the 2020 exploration program, its interest in Wawa will be further diluted in accordance with the joint venture agreement, Red Pine said.