Silver Standard signs option agreement to explore Fisher Gold Project
Silver Standard has signed an option agreement with Eagle Plains Resources to acquire up to an 80% interest in the Fisher project, located in Saskatchewan, Canada. The project consists of over 34,000 hectares of land contiguous to the Seabee Gold Operation and the Santoy mine complex. Silver Standard will explore the Fisher project during a four-year option period. To earn a 60% interest in the Fisher project, Silver Standard is required to spend $4M in exploration expenditures, including $400K for the 2016 exploration program conducted by Eagle Plains. In addition, Silver Standard is required to make a $100K initial cash payment at closing and $75K annual cash payments for each of the four years of the option period. Upon earning the 60% interest in the Fisher project, Silver Standard will have a 90-day, one-time option to earn an additional 20% interest, for a total of 80%, by making a cash payment of $3 million, at which time an 80% / 20% joint venture will be formed to advance the property. The 2016 Fisher project exploration program budget is $400K.