This acquisition will take the company’s interest in the JV from 70% to 100%, subject to an IAMGOLD royalty of 1.5% of net smelter returns.
Mariana will pay $500,000 and issue shares to the value of $500,000 to IAMGOLD to exercise the option.
The company earlier earned a 70% interest in the JV by spending $2m on exploration of Sierra Blanca and Canadon Largo projects.
In recent times, Mariana’s exploration has centred on the Sierra Blanca silver-gold project.
