Homestake Ridge Agreement Amended by Homestake and Agnico Eagle

Homestake Resource Corporation (TSXV:HSR) and Agnico Eagle Mines Limited amended the option agreement for exploration and development of the Homestake Ridge property in northwestern British Columbia. The amendment reduces 2013 and 2014 expenditures by $3.0 million and adds an extra year to the initial option period, in which 2015 will have a required expenditure of $3.0 million.

As quoted in the press release:

In effect, the option period is extended by one year, but with total required expenditures remaining the same; AEM can earn a 65% interest in the property after total expenditures of $25.3 million or completion of a feasibility document.

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