On September 2, 2011, Canadian-based gold mining company, Metanor Resources Inc. (TSXV: MTO) announced that Sandstorm Gold Ltd. (TSXV: SSL) had remitted US$6 million to Metanor in accordance with the gold purchase agreement announced on January 17, 2011. Under the terms of the agreement, Sandstorm is entitled to purchase, for the life of the mine, 20% of the future gold produced from Bachelor Lake Gold Mine located in Quebec, Canada for US$20 million plus ongoing per ounce payments equal to the lesser of US$500 and at the then prevailing market price per ounce of gold.