Great Eagle Gold Corp. (CNSX:GEGC) entered into binding letter of intent to acquire Cahuilla Gold Project from Teras Resources Inc. (TSXV:TRA) for $18.4 million on May 16, 2024. The Cahuilla gold project straddles two land packages, being subdivided into two separate gold/silver deposits, with each deposit pertaining to a two-phase acquisition deal.

The first phase acquisition (?Phase 1?) is a binding agreement that Teras is in a position to sell to Great Eagle for $8,616,660. The second phase (?Phase 2?) Great Eagle has agreed to purchase for $9,760,243. The total agreed purchase price for the entire Cahuilla gold project is $18,376,904.

The transaction is subject to the completion of satisfactory due diligence and compliance with all required regulatory requirements. The transaction is expected to close on July 15, 2024.