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SSR to terminate option deal on Eskay's SIB gold property

SSR Mining Inc. plans to terminate an option to purchase up to a 60% interest in a portion of Eskay Mining Corp.'s SIB gold project in British Columbia.

The agreement signed in April 2017 allowed SSR to earn an initial 51% stake by spending a total of C$11.7 million on exploration over three years, with an option to acquire a further 9% by either delivering a preliminary economic assessment or completing 23,000 meters of drilling.

SSR plans to return the property to Eskay by the end of the year.

Eskay said Nov. 9 that it is reviewing the final results of a 9,134-meter, 11-hole drilling program completed on the property by SSR, which has invested C$7.7 million so far. It remains positive about the prospects at SIB.