Receives First Royalty Payment
Quebec, May 15, 2015 AEST (ABN Newswire) - Abitibi Royalties Inc. (
CVE:RZZ) ("Abitibi Royalties" or the "Company") is pleased to announce that the Company received its first royalty payment in the amount of Cdn$254,500. The payment is from the Company's 2% net smelter royalty (NSR) that covers a portion of the Gouldie Zone at the Canadian Malartic mine. The payment covers the period from June 16, 2014 to March 31, 2015. Any future royalty payments from the Gouldie Zone will be paid 60 days after each quarter. Agnico Eagle and Yamana Gold operate the Canadian Malartic mine.
Golden Valley Mines and Rob McEwen hold approximately 53.3% and 8.7% interest in Abitibi Royalties, respectively.
Forward Looking Statements: This news release contains certain statements that may be deemed "forward-looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
About Abitibi Royalties Inc.
Abitibi Royalties Inc. (CVE:RZZ) holds a 3% NSR on the Odyssey North discovery, Jeffrey Zone and the eastern portion of the Barnat Extension, located inside the Malartic CHL property and a 2% NSR on portions of the Gouldie and Charlie zones, all at the Canadian Malartic mine near Val-d’Or, Québec. In addition, the Company is building a portfolio of royalties on early stage properties near producing mines. The Company owns common shares in Yamana Gold and Agnico Eagle Mines (market value), plus cash (as of September 30, 2016) of Cdn$41.8 million. The Company is debt free.
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