In a news release, Ely Gold Royalties Inc. (ELY:TSX.V; ELYGF:OTCQB) announced it closed its transaction with a private seller to acquire a 3.5% net profits interest in the Ren property in Nevada for $500,000 in cash.
The closing of this deal gives Vancouver-based Ely Gold a second royalty interest in the Ren property, which includes 86 contiguous unpatented lode mining claims. Covering 7.4 square kilometers of the Northern Carlin Trend, Ren is surrounded by three mines: Goldstrike, South Aurturo and Dee.
Currently, Ren is leased to Nevada Gold Mines, a joint venture between Barrick Gold, the operator, and Newmont.
Trey Wasser, president and CEO of Ely Gold, stated, "Having completed our due diligence on the REN Property for the VEK Associates transaction announced in February, we are very excited with the potential for further significant gold discovery in this prime Nevada location. The REN NPI will give us a second royalty interest and, as with all Ely Gold royalty purchases, offers excellent leverage to gold prices."
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