This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Alamos Gold signs MOU for Agi Dagi, Kirazli 2009-09-23 19:12 ET - News Release Mr. John McCluskey reports
Alamos Gold Inc. has entered into a memorandum of understanding providing for Alamos to acquire 100 per cent of the Agi Dagi and Kirazli gold projects from Fronteer Development Corp. and Teck Resources Ltd., through the acquisition of certain Turkish subsidiaries held by Teck and Fronteer.
Alamos is to pay a total of $40-million (U.S.) and issue a total of four million shares to the vendors in consideration for these two projects. In addition to statutory compensation that may apply to the projects, a third party has a 2-per-cent net smelter return royalty on production from the Agi Dagi project.
Fronteer and Teck have agreed to negotiate exclusively with Alamos. Completion of the transaction is subject to 60-day due diligence period, the execution of definitive agreements, and the approval of Alamos board of directors and the Toronto Stock Exchange.
Agi Dagi and Kirazli are advanced-stage gold exploration projects that form part of the Biga mineral district, a recently established gold-copper mineral district, which is located in the Biga Peninsula of northwestern Turkey. The Biga mineral district features a growing number of high-sulphidation epithermal gold and associated porphyry copper-gold deposits, drawing comparisons to world-class districts such as Yanacocha, Pierina and Alto Chicama in Peru.
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