Evolution Mining, Northern Superior enter earn-in, JV agreement

Northern Superior Resources announces that it has granted Evolution Mining an option to acquire a 75% undivided interest in the mining claims known as the Company’s October Gold Project by incurring an aggregate of C$7 million in expenditures and making cash payments totaling C$1.1 million. Evolution is a leading gold company with a market capitalization of more than C$5 billion currently operating five wholly owned mines in Australia and Canada. The October Gold Project is a district scale property consisting of 1,284 claims covering an area of 265 km2 located in northeastern Ontario, 105 km southwest of Timmins, within the southern Swayze portion of the prolific Abitibi Greenstone Belt, approximately 35 km northwest of IAMGOLD Corporation’s Cote Lake project and approximately 50 km southeast of Newmont Corporation’s Borden Lake mine. The October Gold Project is part of the Ontario assets subject to the spinoff transaction announced by the Company on July 10, 2023. Upon closing of the spinoff transaction, the Agreement will remain in full force and is expected to be assigned to the spinoff company. The Option was granted pursuant to an earn-in and joint venture agreement dated November 6, 2023. Under the terms of the Agreement, Evolution can earn a 75% interest in the October Gold Project by making certain cash payments and funding certain expenditures as follows: incurring an aggregate of C$7,000,000 in expenditures on the October Gold Project as per the following schedule: an amount of at least C$1,500,000 on or before the second anniversary of the Earn-In Agreement; an additional amount of at least C$1,000,000 on or before the third anniversary of the Earn-In Agreement; an additional amount of at least C$2,000,000 on or before the fourth anniversary of the Earn-In Agreement; and an additional amount of at least $2,500,000 on or before the fifth anniversary of the Earn-In Agreement; paying to the Company an aggregate cash payment of C$1,100,000 as per the following schedule: an amount of C$350,000 within 20 Business Days following the execution of the Earn-In agreement; an amount of C$300,000 within 60 Business Days following the third anniversary of the Earn-In Agreement; and an amount of C$450,000 within 60 Business Days following the fifth anniversary of the Earn-In Agreement. In the event that Evolution completes the Option and acquires a 75% undivided interest in the October Gold Project, a joint venture shall be formed in accordance with the terms of the Agreement.