Kerr Mines Inc (KER)

[goldenpolarbear]

McGarry Gold Project? http://abandoned-mines.org/pdfs/RiskAssessmentWorkshop2008-pdfs/ManagingRiskatKerr-mndm.pdf

https://mining-atlas.com/project/McGarry-Gold-Mine-Project.php

https://www.timminstoday.com/local-news/northeastern-ontario-mining-company-looks-to-arizona-for-future-gold-4-photos-687039

What is the future plan for the McGarry Gold Project in Ontario?

Why was this debt resettlement ...?
https://ceo.ca/@newswire/kerr-mines-announces-debt-settlement-and-revised-mcgarry

Under the existing royalty agreement, Jubilee is entitled to a quarterly advance royalty payment of approximately $25,000 relating to the McGarry property. Over the life of this agreement approximately $1,000,000 remains unpaid and is reported as a long-term payable of the Company. Kerr and Jubillee have also agreed to settle this liability for approximately $100,000 payable in cash upon closing of the agreement. The Company has also agreed to pay Jubilee $100,000 in consideration for the cancellation of all future advance royalty obligations. Jubilee will retain a 4% net smelter return attributable to production from McGarry if the price of gold exceeds US$800 per ounce.

"Kerr continues to strengthen the balance sheet and this agreement will result in a further reduction in liabilities of over $1,000,000 as at December 31, 2016," said Chris Hopkins Interim President & Chief Executive Officer. "Additionally, the removal of all future advance royalties will make McGarry more attractive to prospective buyers as we look to monetize our non-core assets and focus on advancing Copperstone, our flagship asset in Arizona, back to production. "