Centerra Gold (CGAU) unit signed a definitive option deal with Azimut Exploration, covering the latter's Corvet and Kaanaayaa properties in Quebec, Canada, according to a Tuesday statement.

The deal entitles Centerra to earn up to a 70% stake in the properties in two stages, after completing a preliminary economic assessment with a minimum mineral resource estimate of 1 million gold equivalent ounces, Azimut said.

Azimut also said the agreement remains subject to the TSX Venture Exchange's approval, among other closing conditions.

Price: 22.05, Change: -0.44, Percent Change: -1.96