Mirabel will pay $10,000 cash up front and a further $240,000 once a final agreement is signed, as well as issue 500,000 shares to Globex. A further $250,000 and 500,000 Mirabel shares will go to Globex either as soon as gold production starts, or at the first anniversary of the final agreement. Globex also keeps a 1.5% gross value royalty on the first 25,000 oz. of gold and silver and a 3% gross value royalty on all production thereafter.
Russian Kid, also known as El Coco, is in Dasserat Twp., close to the Ontario border, about 36 km west of Rouyn-Noranda. The mine produced briefly in the early 1980s, with just over 2,000 oz. gold poured. An 820-metre decline is in place and three underground levels are being developed.
In 1984, before National Instrument 43-101, the resource was estimated at 1 million tonnes grading 8.6 grams gold per tonne.
Mirabel’s thermal-fragmentation mining process, designed for narrow-vein gold deposits, will be tested at Russian Kid as a possible mining method.
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