Goldpost will receive $1.6 million from Mining Corp. which will be used to repay Mining Corp. for all outstanding debts. In addition, when the agreement is finalized, Mining Corp. will make a cash payment of $100,000 to Goldpost.
Mining Corp., a wholly-owned Noranda subsidiary, reports it will begin production immediately of the Hislop West property starting with the top levels. Initial revenue will be used by Mining Corp. to reimburse itse lf for operating costs. Thereafter, revenues will be shared by Mining Corp. and Goldpost on a 2.5-to-1 basis until such time as Goldpost has received an aggregate of $650,000.
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