Business
Idaho Champion Gold Mines Canada Acquires Private Surface and Mineral Rights at Champagne Project
TORONTO, ON / ACCESSWIRE / June 29, 2021 / Idaho Champion Gold Mines Canada Inc. (CSE:ITKO) (OTCQB:GLDRF) (FSE:1QB1) ("Idaho Champion" or the 'Company') is plea
About this update from Champion Electric Metals Inc.
[{"type":"text","content":" TORONTO, ON / ACCESSWIRE / June 29, 2021 / Idaho Champion Gold Mines Canada Inc. (CSE:ITKO) (OTCQB:GLDRF) (FSE:1QB1) (\"Idaho Champion\" or the 'Company') is pleased to announce that it has signed a binding Property Lease and Option Agreement (the \"Agreement\") with a private family (the \"Lessor\") to lease, with an option to acquire, 100% interest in new surface and mineral rights on properties within Idaho Champion's Champagne Gold Project in Idaho, USA. The properties include four (4) parcels of private ground (the \"Champagne Summit Ranch\" or the \"Ranch\") (See Figure 1) totalling 240 acres, which is located adjacent to the federal mining claims already controlled by Idaho Champion. The Ranch is located northwest of the past-producing pits and will be instrumental in the Company's 2021 drilling program and ongoing exploration of the large IP anomaly on the project. \"The surface and mineral rights to the Champagne Summit Ranch will have an immediate impact on the Champagne Project. Not only does part of the IP anomaly extend onto this ground, but the new property will also improve our access and infrastructure in the area at a very low cost. Given the rights associated with privately-held surface and mineral rights in Idaho, we can immediately commence work on the leased ground. We also welcome the Lessor family as shareholders and appreciate their trust and support of our exploration strategy, \" stated President and CEO, Jonathan Buick. Under the terms of the Agreement, the parties have agreed to a five (5) year term of the lease, during which Idaho Champion will pay to the Lessor total consideration of US$240,000 and 500,000 common shares of the Company, structured as follows: A committed initial payment of US$10,000 and 50,000 common shares of the Company; Annual payments of US$10,000 cash and 50,000 common shares of the Company on each of the first through fourth-anniversary dates of the Agreement, each of which is an option paid at the sole discretion of the Company; and On or before the fifth anniversary, Idaho Champion has the option pay the Lessor a final payment of US$190,000 in cash and 200,000 common shares of the Company. As long as it maintains its option to lease the Ranch, Idaho Champion has also agreed to pay the annual property taxes on behalf of the Lessor. Upon full execution of the Agreeme...