Red Pine Exploration Inc. is pleased to announce that its ownership interest in its gold mineral property near Wawa, Ontario has increased from 60% to 64.5% as a result of Red Pine’s joint venture partner, Citabar Limited Partnership’s election under the joint venture agreement effective August 15, 2015, a copy of which is filed under the Company’s profile on www.SEDAR.com, not to fund the balance of the 2019 exploration program. Correspondingly, Citabar’s interest has been reduced to 35.5%.
At this time, Red Pine has not been advised whether Citabar will elect to fund its portion of the 2020 exploration budget. In the event Citabar elects not to fund all, or a portion of its participating interest in the joint venture in connection with the 2020 exploration program, Citabar’s participating interest will be further diluted in accordance with the JV Agreement. Please see the JV Agreement on www.SEDAR.com for additional information. It is Red Pine’s intention to continue to explore and develop the Wawa Gold Project for the benefit of all its stakeholders.
Quentin Yarie, CEO comments, “Red Pine would like to thank Citabar for the significant funding and support that it has previously provided as a joint venture partner in the successful revival of the Wawa Gold Project and understands its desire to focus its resources in other areas.”
- Red Pine Makes New Discovery at Surluga Deposit - May 13, 2020
- Red Pine Exploration Inc. Welcomes Alamos Gold as a Strategic Investor - January 2, 2020
- Red Pine Exploration Announces Increased Interest in Wawa Gold Project - December 12, 2019