Orefinders Resources Inc. (TSXV:ORX) announced that it has completed its work obligations and made the final payment to acquire a 100% interest in the 12 patented claims of the Mirado gold project at Kirkland Lake from Jubilee Gold Exploration Ltd., subject to a 3% NSR.
As quoted in the press release:
These patented claims cover the area of historic gold exploration and production at Mirado from the 1930′s through 1987. This acquisition is considered to be the core asset of the 3,228 acre Mirado land package currently held by Orefinders. Since acquiring an option on the Mirado property in 2012, Orefinders has focused the majority of its exploration efforts on these claims, satisfying the $2 Million work obligation well ahead of schedule. Having intercepted high-grade gold near surface in multiple drill holes during 2013, Orefinders has elected to exercise its option to acquire this property by making the final $75,000 cash payment to Jubilee. The Mirado patent claims have now all been transferred to Orefinders and are Fee-Simple Absolute title to mining and surface rights, with minor surface right reservations, mostly for road allowances and hydro-electric transmission line easements.
Orefinders President Bill Yeomans said:
Given our outstanding drilling success at Mirado in 2013, we have elected to exercise our option to acquire a 100 per cent in this highly prospective gold project in Kirkland Lake, Ontario, one of the most prolific gold camps in Canada in one of the premier mining jurisdictions in the world. This year’s drilling at Mirado served to confirm both the historic high-grade drill results from over 40,000m of drilling reported by previous operators and our theory that Mirado offers the potential for near-term development of an economic bulk-tonnage open pit mine. We are looking forward to receiving the remaining assays from our recently completed drill program, the results from the bulk sampling conducted on our ore stockpiles on the property and the subsequent completion of the initial NI 43-101-compliant resource estimate by SRK Consulting later this year.