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Ridgeline Minerals Executes US$20 Million Exploration Earn-In Agreement with Nevada Gold Mines at the Swift Gold Project, Nevada
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About this update from Ridgeline Minerals Corp
[{"type":"text","content":"Ridgeline Minerals Executes US$20 Million Exploration Earn-In Agreement with Nevada Gold Mines at the Swift Gold Project, NevadaJoin us for a Virtual Swift Site Tour at 12:00pm ET September 22, 2021.Register for Free HEREVancouver, British Columbia--(Newsfile Corp. - September 22, 2021) - Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FSE: 0GC0) (\"Ridgeline\" or the \"Company\") is pleased to announce that it has entered into a transaction with Nevada Gold Mines LLC (\"NGM\" or \"Nevada Gold Mines\"), a joint venture between Barrick Gold Corp. and Newmont Corp., pursuant to which NGM can acquire an interest in Ridgeline's Swift gold project (\"Swift\"); a district-scale (75 km²) land package located in the prolific Cortez District of the Battle Mountain - Eureka Trend (Figure 1) in Nevada. NGM can incur a minimum of US$ 20 million (of which US$ 4 million is guaranteed) in qualifying work expenditures over an initial five-year term to earn an initial 60% interest in Swift, and will have further options to increase its interest to a total 75% interest. NGM will assume operatorship of the project immediately. Highlights of the proposed earn-in agreement are outlined below.Chad Peters, Ridgeline's President, CEO & Director commented, \"Our singular focus as a company is to create value per share through discovery and we are delighted to partner with the Nevada Gold Mines team as they apply their proven track record of discovery to the Swift gold project. Through this partnership, Ridgeline will significantly reduce the exploration risk inherent with deep drilling in Nevada, while retaining meaningful upside at Swift across all levels of project development moving forward.\"Earn-In Agreement Highlights (all figures in USD)Reimbursement of Prior Expenditures: Within 15 days of signing the definitive agreement, NGM will reimburse a total of $372,763 to Ridgeline in consideration for recent overhead and work expenditures at Swift. Initial Earn-In Option: NGM will assume operatorship of the project and can earn-in to a 60% interest in the project by incurring a minimum of $20 million in qualifying work expenditures over five years, including.$4 million in guaranteed work expenditures before December 31, 2023.$16 million in work expenditures and preparation of a technical report in compliance with the requirement...