This could be good Las Vegas Nevada (FSCwire) - Canamex Resources Corp. (TSX-V: CSQ) (OTC: CNMXF) (FSE: CX6) and Patriot Gold Corp. (OTC: PGOL) have closed the transaction whereby Canamex Resources has purchased Patriot Gold's 30-per-cent working interest in the Bruner gold/silver mine for US$1.0 million cash. Patriot retains a two percent net smelter return royalty on the Bruner properties including any claims acquired within a two-mile area of interest around the existing claims. Additionally, Canamex has the option to buy-down half of the NSR royalty retained by Patriot for US$5 million any time during a five-year period following closing of the purchase and sale agreement.
Canamex’s chief executive officer, Mark Billings, commented: "This acquisition consolidates our 100-per-cent ownership stake in the greater Bruner property and offers our shareholders greater leverage to the exploration upside on the property and an increase in the price of gold."
Patriot Gold's Chairman, Bob Coale, said: “Consolidation of Patriot’s interest in the Bruner project exemplifies our corporate mission of finding partners to develop our projects while maintaining an interest in the properties through net smelter returns. We are looking forward to the continued success of the Bruner gold project”.
Don't forget a 3 % NSR on Moss mine run by Northern Vertex