IFAM News Infrastructure Materials Corp.’s Option Partner Terminates Option Agreement for Silver Queen and Klondyke Properties
2012-03-23 09:24 ET - News Release
Reno, Nevada--(Newsfile Corp. - March 23, 2012) - Infrastructure Materials Corp. (OTCQB: IFAM) (TSXV: IFM, IFM.s) (the "Company") announced today that its option agreement (the "Option Agreement") with MGold Resources Inc. (TSX-V: MNI) ("MGold") concerning the Company’s Silver Queen and Klondyke properties has been terminated by MGold. Termination of the Option Agreement is effective as of April 15, 2012, or such earlier date as the Company and MGold agree.
Under the terms of the Option Agreement, MGold had the option to acquire a 50% working interest in the Silver Queen property by incurring exploration expenditures of CDN$4 million over a thirty-month period plus cash payments to SRC of CDN$2 million over a thirty-three month period. The Option Agreement also called for MGold to expend CDN$1,350,000 over a thirty-month period plus cash payments of CDN$265,000 over a thirty-three month period to acquire a 50% working interest in the Klondyke property. MGold elected to terminate the Option Agreement and to discontinue cash payments and exploration expenditures for both the Silver Queen and Klondyke properties ahead of a March 16, 2012 work commitment and cash payment anniversary date. As a result of the Option Agreement termination, the Company retains its 100% interest in both the Silver Queen and Klondyke properties located in Esmeralda County, Nevada.
Infrastructure Materials Corp. is an exploration stage mining company that is directing its efforts to the exploration and development, if warranted, of cement grade limestone deposits in strategic locations in the United States and Canada and precious metal properties located in Nevada.
