Loading ...OceanaGold (TSE: OGC) is interested in buying Bravada Gold Corporation’s (TSXV: BVA) low-sulfidation Highland gold/silver project, located within the Walker Lane Gold trend in western Nevada, USA.
Both companies have signed a letter of intent which stipulates that Oceana has until December 15, 2018, to accept the opportunity of earning up to 75% interest in the project.
In detail, Oceana may earn a 51% interest by making certain cash or share payments and incurring aggregate exploration expenditures of $4 million over five years. To increase its interest to 75% within four years of earning its 51% interest, the Melbourne-based firm has to spend an additional $6 million in exploration.
The property is also subject to a 3% NSR royalty in favour of the vendors. This arrangement is subject to a reduction of the royalty to 2% upon payment of $1 million
cont. http://www.mining.com/oceanagold-acquire-gold-silver-project-nevada/