Newmont Designates Yamagano and Noto Properties for Joint Venture under Alliance Agreement

Rhea-AI Summary

Irving Resources Inc. announces joint venture with Newmont Exploration Pty Ltd and Sumitomo Corporation for exploration work on Yamagano and Noto properties. The joint venture agreement is expected to include an exploration program with an initial budget of US$5 million, with Newmont holding 60% interest, Irving holding 27.5% interest, and Sumitomo holding 12.5% interest. Irving and Sumitomo have the option to maintain their interest by contributing to property expenditures.

VANCOUVER, BC / ACCESSWIRE / January 23, 2024 / Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF) ("Irving" or the "Company") is pleased to announce that Newmont Exploration Pty Ltd, a wholly-owned subsidiary of Newmont Corporation (collectively, "Newmont"), has designated the Yamagano and Noto properties (collectively, the "Property"), the exploration work on which has been funded under alliances formed by the Company with Newmont[1] and with Sumitomo Corporation ("Sumitomo")[2], for joint venture.

The parties will use commercially reasonable best efforts to enter into a joint venture agreement or similar governing agreement within 90 days which is expected to include an exploration program up to an initial US$5 million. Initially, Property interests will be split 60% to Newmont, 27.5% to Irving, and 12.5% to Sumitomo if Sumitomo elects to participate, and Irving will be the initial joint venture manager. Irving and Sumitomo will have a one-time right to elect to maintain their respective interest in the Property by contributing their respective share of Property expenditures. If such right is not exercised, the relevant party's interest will be subject to dilution.

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 planned exploration activities and the completion of a joint venture agreement or similar governing agreement within 90 days. 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 April 23, 2019.

[2] Refer to the Company's news release dated June 26, 2020.

SOURCE: Irving Resources Inc

View the original press release on accesswire.com

FAQ

What is the joint venture announcement by Irving Resources Inc.?

Irving Resources Inc. has announced a joint venture with Newmont Exploration Pty Ltd and Sumitomo Corporation for exploration work on Yamagano and Noto properties.

What is the initial budget for the exploration program in the joint venture agreement?

The joint venture agreement is expected to include an exploration program with an initial budget of US$5 million.

What are the property interests split among the parties in the joint venture?

The property interests will be split 60% to Newmont, 27.5% to Irving, and 12.5% to Sumitomo if Sumitomo elects to participate.

What are the options for Irving and Sumitomo to maintain their interest in the Property?

Irving and Sumitomo will have a one-time right to elect to maintain their respective interest in the Property by contributing their respective share of Property expenditures.