VANCOUVER, British Columbia, Sept. 28, 2022 (GLOBE NEWSWIRE) — GOLD’N FUTURES MINERAL CORP. FUTR (FSE: G6M), GFTRF (the “Company” or “Gold’n Futures”) is pleased to announce that Argonaut Gold Inc. AR (“Argonaut”) and the Company have amended the option agreement (the “Option”) relating to the Hercules Gold Property (the “Property”). Details of the option prior to these changes were provided in the Company’s press release dated October 26, 2020. Pursuant to the amended terms of the option , the Company has restructured and deferred future payments to Argonaut and exploration obligations on the property . The new option payment schedule and completion dates for the exploration commitments are set forth below.
Stephen Wilkinson, CEO of Gold’n Futures commented, “We are very pleased with the more favorable terms in this amendment to the original options agreement. Our team looks forward to benefiting from all of our work to date and commencing the next phase of development.” new gold resources from the high-grade zones of the Golden Mile and the excellent new targets that we have discovered.”
The changed option terms
Under the Adjusted Terms, Gold’n Futures has the option to earn an initial 50% Earned Interest (as defined in the Option) in the Property on or before June 30, 2025 by: (a) $3,500,000 Argonaut, of which The Company has paid $1,250,000 in cash (b) by an additional $6,500,000 in exploration expenditures on the property; and (c) granting a one percent royalty based on the following schedule:
(a) The Company will make cash option payments to Argonaut in the amount of:
(i) $400,000 to be paid before April 1, 2023;
(ii) $600,000 to be paid before September 1, 2023;
(iii) $500,000 to be paid before January 31, 2024; and
