Eldorado Gold exercises option for Bruell gold project

Sparton Resources announced that Eldorado Gold Corporation has, effective April 18, 2024, exercised its option to acquire from Sparton an initial 75% interest in the Bruell gold project, east of Val D’Or, Quebec. Sparton and Eldorado have executed, effective April 18, 2024, a further amendment to the original Option Agreement to delete the twenty business day further option period and replace it with a seventy-five business day option period for Eldorado to implement the joint venture or decide if it wishes to acquire all of the remaining Sparton 25% interest for a combination of a $1.8 million cash payment and a residual 2% Net Smelter Return royalty. Fifty percent of the NSR can be purchased by Eldorado for $2.5 million at any time. This extension will enable transferring of the Bruell claim titles to Eldorado, preparation of joint venture documents and the efficient implementation of other things necessary for the property ownership change.