Banyan Gold Corp. Accelerates Ownership of AurMac Project

Banyan Gold Corp. announced a definitive agreement with PricewaterhouseCoopers Inc. to accelerate its acquisition of the remaining interests in the McQuesten and Aurex properties from Victoria Gold Corp. This move grants Banyan full ownership of the AurMac Project in Yukon, hosting an indicated gold resource of 2.274 million ounces and inferred resources of 5.453 million ounces.

The transaction requires Banyan to pay $2.0 million in cash and a further $1.6 million in cash or shares within 75 days. A Net Smelter Return royalty arrangement involves a potential reduction from 6% to 1% for a $10.0 million payment.

The deal eliminates certain requirements for Banyan, enhancing project financing and ownership terms. The company's CEO, Tara Christie, highlighted the strategic benefits and advancement potential for shareholders. The closing is anticipated by August's end, pending regulatory approvals.