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Gold79 Mines Ltd V.AUU

Alternate Symbol(s):  AUSVF

Gold79 Mines Ltd. is a Canada-based exploration stage junior mining company. The Company is focused on building ounces in the Southwest United States (U.S.). It is engaged in the identification, acquisition, evaluation and exploration of mineral properties in North America. The Company’s gold projects include the Jefferson Canyon Gold project and the Tip Top Gold project, both located in Nevada, U.S., and the Gold Chain project located in Arizona, U.S. In addition, the Company holds approximately 32.3% interest in the Greyhound Project, Nunavut, Canada under a joint venture by Agnico Eagle Mines Limited. The Tip Top Gold project is located in Esmeralda County, Nevada at the north end of the White Mountains, five miles south of Montgomery Pass, which is on United States Highway 6 between Bishop, California, and Tonopah, Nevada. The Gold Chain project consists of 15 patented claims, covering approximately 282 acres and 379 lode claims on BLM land comprising about 7,480 acres (3,027 Ha).


TSXV:AUU - Post by User

Bullboard Posts
Post by peruchocanuckon Mar 07, 2013 11:57am
144 Views
Post# 21094280

cash or not cash?

cash or not cash?

Under the terms of the new agreement the Taviche JV acquires a full 100% ownership interest in both the East Taviche and Alma Delia concessions while Pan Am retains a 100% ownership position in the West Taviche concession. The Taviche JV will be entitled to receive a cash payment of US $2.0 million, dependent on certain sale or disposition transactions undertaken by Pan Am in excess of a 70% interest with respect to the West Taviche property. Pan Am has also refunded the final earn-in payment of US $250,000 paid in September 2011. Additionally, the Taviche JV has granted Pan Am a 1.5% net smelter royalty ("NSR") as well as a right of first offer ("ROFO") on all of the East Taviche and Alma Delia concessions based on certain terms and conditions.

This transaction vests a 100% ownership position in East Taviche (7,470 hectares) and Alma Delia (38,616 hectares) with the Taviche JV for a land package comprising 46,086 hectares. Now Aura Silver's interest in the Taviche JV is approximately 70% representing 32,360 hectares. In contrast, under the terms of the original agreement with Pan Am, Aura Silver could have earned an approximate 50% interest of 52,340 hectares (or 26,170 hectares) in all concessions, with Intrepid controlling 20% and Pan Am 30%. 

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