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Irving Resources enters term sheet agreement for Yamagano Mining district
  • Irving Resources (IRV) has signed an option agreement with Shimadzu Limited to acquire Yamagano mining license in southern Kyushu, Japan
  • As consideration, the company will issue to Shimadzu a total of 350,000 common shares over a four-year period and assume roughly C$334,522 in exploration expenses over a three-year period
  • Irving will issue a further 350,000 common shares upon transfer approval of the property, and Shimadzu will retain a one per cent net smelter royalty
  • The Yamagano property will be the company's fifth in the region, joining the existing Satsuma A, Satsuma B, Satsuma C and Satsuma D projects
  • Irving Resources (IRV) is currently up 9.31 per cent and is trading at $3.17 per share

Irving Resources (IRV) has signed an option agreement with Shimadzu Limited to acquire Yamagano mining license in southern Kyushu, Japan.

Under the terms of the agreement, which is exercisable over a period of 10 years, Irving will issue to Shimadzu a total of 350,000 common shares over a four-year period, and will assume roughly C$334,522 in exploration expenses over a three-year period.

An initial package of 87,500 shares is now due at a deemed price of $2.90 each, with a further allotment of 87,500 shares to be made on the first, second and third anniversaries of signing the deal.

Irving will also be required to pay annual fees required to maintain the property, along with costs associated with water testing and safety.

If the option to acquire the property is exercised, and upon approval from Japan's Ministry of Economy, Trade and Industry to transfer ownership, Irving will issue an additional 350,000 common shares to Shimadzu.

Shimadzu will also be entitled to retain a one per cent net smelter royalty on the Yamagano mining license.

Akiko Levinson, CEO of Irving Resources, said she is honoured to have signed the agreement with Shimadzu.

"This is one of the great historic gold districts in Japan but has seen no modern exploration.

"We look forward to beginning the search for further high-grade gold veins on the Yamagano mining tenement and adjacent lands we have staked," she added.

The Yamagano mining license joins Irving's existing portfolio of other assets in the Kyushu region, including the Satsuma A, Satsuma B, Satsuma C and Satsuma D projects.

All of these properties are subject to the Irving-Newmont and Irving-Sumitomo Corporation exploration alliances, with which Iriving is currently in discussions to determine a most effective path in advancing the assets.

Irving Resources (IRV) is currently up 9.31 per cent and is trading at $3.17 per share at 12:30pm EDT.


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