GREY:KSKTF - Post by User
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michelle15on Jun 13, 2013 3:23am
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News
News Jun 06, 2013
Vancouver, BC -- June 6, 2013: Kiska Metals Corporation ("Kiska" or the "Company") is pleased to report that Geoinformatics Alaska Exploration Inc., a wholly owned subsidiary of the Company, has signed an exploration agreement with Baker Hughes Oilfield Operations, Inc., ("Baker Hughes"). Under this agreement Baker Hughes has the right to explore the Hilltop Property for barite minerals on the Company's 82 unpatented lode mining claims located in Lander County, Nevada.
Baker Hughes will make a one-time payment of US$35,000 within 30 days of executing this agreement and will pay mining claim maintenance fees while the agreement is in effect. Baker Hughes will have the right and option at any time during the three year term to enter into an exclusive 20 year mining lease on the property. Kiska will receive a royalty of US$2.00 per ton of finished barite ore produced from the property. Once Baker Hughes enters into a mining lease arrangement, they will be obligated to make advance minimum royalty payments until production is commenced. The agreement does not cover precious and base metal products and Baker Hughes will make their drill splits available for Kiska's analytical work. Hilltop and the nearby Colorback properties were acquired for their sediment-hosted gold potential and are strategically located in the Cortez-Battle Mountain trend.
Baker Hughes is a worldwide supplier of oilfield services, technology, products and systems to the worldwide oil and natural gas industry with operations in more than 80 countries.
"We are very pleased to have signed this exploration agreement with Baker Hughes and we wish them well as they work to unlock the barite potential of the Hilltop Property." stated Jason Weber, President and CEO of Kiska Metals. "In addition to this agreement with Baker Hughes, Kiska's goal will be to secure a partner to continue gold exploration on these properties."