Ely Gold Royalties Inc. (ELY:TSX.V; ELYGF:OTCQX; A2JSL0:FSE) announced in a news release that its subsidiary, Nevada Select Royalties, agreed to buy 48 unpatented lode mineral claims spanning one mile of the Olympic Gold property in Nevada's Mineral County from Great Western Mining for $150,000.
Along with the mineral claims, Ely Gold will gain, once the transaction closes, a 3% net smelter returns royalty on any future production at the project, including a $15,000 annual advance minimum royalty payment.
For the assets, Vancouver-based Ely Gold will pay Great Western the total consideration over four years. It will pay $15,000 on closing of the agreement, $25,000 on the first anniversary of the closing, $35,000 on the second, $35,000 on the third and $40,000 on the fourth.
Great Western will cover all lease costs associated with the Olympic Gold property. The company may access all associated historical data and conduct a full exploration program there. No work commitments are included in the agreement.
The 825-acre Olympic Gold property, managed by the U.S. Bureau of Land Management, encompasses a past producing mine and a large volcanic-hosted epithermal gold-silver system.
Read what other experts are saying about:
Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Ely Gold. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Ely Gold Royalties, a company mentioned in this article.
