Business
Bravada Signs Letter of Intent with Oceana for its Highland Gold/Silver Project in Nevada
Vancouver, British Columbia--(Newsfile Corp. - November 15, 2018) - Bravada Gold Corporation ...
About this update from Bravada Gold Corporation
[{"type":"text","content":"Bravada Signs Letter of Intent with Oceana for its Highland Gold/Silver Project in NevadaVancouver, British Columbia--(Newsfile Corp. - November 15, 2018) - Bravada Gold Corporation (TSXV: BVA) (OTCQB: BGAVF) (FSE: BRTN) (\"Bravada\") announces that it has executed a Letter of Intent (\"LOI\") with OceanaGold Corp (\"Oceana\") whereby Oceana may earn up to a 75 percent interest in Bravada's low-sulfidation Highland gold/silver project, located within the Walker Lane Gold trend in western Nevada. The LOI sets terms for the earn in and includes an Exclusivity period until December 15, 2018 during which time Oceana will conduct additional due diligence for the Highland property and will negotiate a Definitive Agreement with Bravada. Oceana may earn a 51 percent interest by making certain cash or share payments and incurring aggregate exploration expenditures of US$4 million over five years. Oceana may increase its interest to 75 percent within four years of earning its 51% interest by incurring an additional US$6 million in exploration expenditures. Payments include advanced minimum royalty (\"AMR\") payments to underlying property vendors, claim fees, an initial cash payment of US$50,000 to Bravada and an additional US$200,000 payment to Bravada upon Oceana earning a 51% interest in the property. Payment to Bravada at 51% earn-in can be in cash or shares at Oceana's option.A technical committee composed of Oceana and Bravada personnel will recommend work programs with Oceana having the sole decision on program work and expenditures. The Highland property is subject to a 3% NSR royalty in favour of the underlying vendors of the property subject to a reduction of the royalty to 2% upon payment of US$1 million. All AMR payments will be deducted from production royalties. Approximately US$500,000 in AMR payments have been made to date.President Joe Kizis commented: \"There is great potential at Highland to discover new, high-grade gold/silver deposits. Low-sulfidation deposits worldwide are among the highest-margin gold/silver deposits, and usually occur as clusters of similar-grade deposits of various sizes. Many of the deposits are exploited by small-footprint, underground mining and relatively benign milling operations. Highland's location in an established mining region in Nevada reduces risks associated with land tenure, logistic...