Irving Finalizes Yamagano-Noto Joint Venture Term Sheet with Newmont and Sumitomo

Rhea-AI Summary

Irving Resources has finalized a non-binding term sheet for a joint venture with Newmont and Sumitomo over the Yamagano and Noto properties. The agreement, stemming from discussions initiated in January 2024, outlines the creation of a joint venture company to manage these mining projects. Ownership stakes will be divided as follows: Newmont 60%, Irving 27.5%, and Sumitomo 12.5%. Irving will initially manage the joint venture, which includes an initial diamond drilling exploration program.

Positive

• Irving Resources has secured a partnership with industry leaders Newmont and Sumitomo.
• The joint venture includes an initial diamond drilling exploration program, indicating proactive exploration plans.
• Irving will manage the joint venture initially, giving the company significant operational control.
• The finalized term sheet represents progress from the initial discussions in January 2024.

Negative

• Irving Resources holds only a 27.5% stake in the joint venture, potentially limiting its share of future profits.
• The term sheet is non-binding, meaning the final agreement may differ, introducing uncertainty.
• No specific financial terms or investment figures are provided, leaving ambiguity regarding the project's funding.

VANCOUVER, BC / ACCESSWIRE / June 6, 2024 / Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF) ("Irving" or the "Company") is pleased to announce that further to its news release dated January 23, 2024 [1] the Company has finalized a non-binding term sheet with Newmont Overseas Exploration Limited, a wholly-owned subsidiary of Newmont Corporation (collectively, "Newmont"), and Sumitomo Corporation ("Sumitomo") for a proposed joint venture over the Yamagano and Noto properties (the "Term Sheet"). The Term Sheet provides the basis for a definitive joint venture agreement or similar governing agreement (the "Definitive Agreement") to be negotiated by the parties, which is expected to include an initial diamond drilling exploration program. The initial ownership interests in the joint venture company that will hold the Yamagano and Noto property interests will be 60% as to Newmont, 27.5% as to Irving, and 12.5% as to Sumitomo and Irving is the initial manager of the joint venture.

About Irving Resources Inc.:

Irving is a junior exploration company with a focus on gold in Japan. Irving resulted from completion of a plan of arrangement involving Irving, Gold Canyon Resources Inc. and First Mining Finance Corp.

Additional information can be found on the Company's website: www.IRVresources.com.

Akiko Levinson,
President, CEO & Director

For further information, please contact:

Tel: (604) 682-3234
Toll free: 1 (888) 242-3234
Fax: (604) 971-0209
info@IRVresources.com

Forward-looking information

Some statements in this news release may contain forward-looking information within the meaning of Canadian securities legislation including, without limitation, statements as to the anticipated completion of the Definitive Agreement. Forward-looking statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the mineral resource exploration industry, the availability to Irving of sufficient cash to fund any planned drilling and other exploration activities, as well as the performance of services by third parties.

THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE

[1] Refer to the Company's news release dated January 23, 2024.

SOURCE: Irving Resources Inc

View the original press release on accesswire.com

FAQ

What is the ownership structure of the Irving joint venture over the Yamagano and Noto properties?

The ownership structure is Newmont 60%, Irving 27.5%, and Sumitomo 12.5%.

What is included in the Irving, Newmont, and Sumitomo joint venture?

The joint venture includes an initial diamond drilling exploration program and management of the Yamagano and Noto properties.

Who will manage the Irving joint venture initially?

Irving Resources will initially manage the joint venture.

When was the non-binding term sheet for the joint venture finalized?

The non-binding term sheet was finalized on June 6, 2024.

What is the stock symbol for Irving Resources in the press release?

The stock symbol for Irving Resources is IRVRF.