Miranda Gold Corp. has established a reputation as a high-quality project generator attracting a number of mining companies to help advance the exploration on our properties. By successfully leveraging our technical expertise into joint venture partnerships we lower the risk of early stage exploration and preserve shareholder value.
Joint venture partners are responsible for funding all exploration on those projects under agreement in exchange for the opportunity to earn a majority interest in the property.
Below is a list of our current partners:
IAMGOLD is a mid-tier mining company with four operating gold mines on three continents. The company trades on the TSX under the symbol IMG and on the NYSE under the symbol IAG. Production in 2017 is projected to be between 780,000 to 810,000 ounces of gold. IAMGOLD has a solid base of strategic assets in North and South America and West Africa is complemented by development and exploration projects, and continued assessment of accretive acquisition opportunities.
On March 15, 2017 Miranda and IAMGOLD announced the signing of an option agreement that allows IAMGOLD Corporation to earn an interest in Miranda's Antares Project in Colombia by conducting exploration on a scheduled earn-in basis. IAMGOLD is required to incur US$100,000 in expenditures during 2017 to maintain the right to enter into the option which begins on the later of January 1, 2018 or the date on which mineral title to one or more of the exploration applications making up the Antares Project has been granted by the Colombian government. At such time, should IAMGOLD elect to enter into the option, it will be obligated to incur US$750,000 in expenditures during the subsequent 12 months.
Should IAMGOLD exercise the option they will have the right to acquire an initial undivided 51% interest in the mineral rights of Antares by funding a total of US$5,000,000 in expenditures, including a commitment to drill at least 3,000 meters over four years. IAMGOLD also has a second option to acquire a further undivided 14% interest in the mineral rights, for an aggregate 65% interest by making additional exploration expenditures of US$7,000,000, including a commitment to drill at least 12,000 meters within a subsequent term of four years from the exercise of the first option. IAMGOLD can attain a further 10% interest, for an aggregate 75% in the mineral rights of Antares, by providing Miranda, at its election, financing for mine construction.
IAMGOLD's Colombian exploration team will operate the project with input from Miranda.