04:33 PM EDT, 05/02/2024 (MT Newswires) -- O3 Mining Inc. ( OIIIF ) said after trade Thursday it terminated its option with Eldorado Gold ( EGO ) to acquire the Aurbel Mill. A proposed deal was originally signed with QMX Gold.

Under the terms of the option agreement dated May 14, 2020, O3 was granted an option to acquire a 100% interest in the Aurbel Mill, the tailings and all associated permits and liabilities, for a purchase price of C$5 million plus annual maintenance costs of C$87,500 per annum to maintain the mill option during the six-year term of the option.

"The decision to terminate the option aligns with O3 Mining's ( OIIIF ) strategic focus on optimizing resource allocation towards the development of the Marban Alliance project, improving our mining engineering and estimation parameters, and pursuing potential processing and tailings synergies with industry peers. O3 Mining ( OIIIF ) will continue its exploration efforts in the Casa Berardi district as well as a brownfield targets at Marban Alliance."