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American Pacific Mining Announces Earn-In Agreement with respect to Gooseberry Gold Project
VANCOUVER, British Columbia, Nov. 04, 2020 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (CSE: USGD / FWB: 1QC / OTCPK: USGDF) (“APM” or the “Company”) is pl
About this update from American Pacific Mining Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 04, 2020 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (CSE: USGD / FWB: 1QC / OTCPK: USGDF) (“APM” or the “Company”) is pleased to announce that, through its wholly owned subsidiary, American Pacific Mining (US) Inc., it has entered into an earn-in and option to form joint venture agreement (the “Earn-In Agreement”) with GRAC Global Resource Acquisition Corp. (the “Optionee”), a private British Columbia Company, with respect to its Gooseberry Gold Project. Eric Saderholm, President of APM commented: “Nevada is the top investor-friendly jurisdiction for mining, and I look forward to working alongside GRAC Global Resource Acquisition Corps team as we move this gold discovery ahead.” Key Points of the Agreement The Optionee can earn a 51% interest in the Gooseberry Gold Project by making a cash payment to the Company in the aggregate amount of $50,000, making two million share payments to APM, and funding exploration expenditures of $1.50 million towards the Gooseberry Gold Project over the next two years (Phase 1). Subject to the Optionee’s completion of Phase 1, the Optionee will have four years from the date of the Earn-In Agreement (the “Option Period”) to exercise an option to earn an additional 14% interest by making an additional one million share payment to the Company and funding further exploration expenditures of $3 million towards the Gooseberry Gold Project (Phase 2). Subject to the Optionee’s completion of Phase 2, the Optionee may exercise an option to earn a final 15% (for a total interest of 80%) by completing a positive feasibility study on the Gooseberry Gold Project before the end of the Option Period (Phase 3). The Optionee will make the $50,000 non-refundable cash payment (as part of its cash payment under Phase 1) to APM within the first four months of the Option Period. The Optionee will also pay all claim fees. The Optionee will be the operator of the Gooseberry Gold Project and, upon earning-in an interest, a joint venture management committee will be formed. About GRAC Global Resource Acquisition Corp. The Optionee, GRAC is an organization that specializes in mineral and gold projects around the world. The Company utilizes prudent capital allocation to target emerging industries in the metals and mining industry globally. About American Pacific Mining Corp. American ...