Emgold Completes Acquisition of New York Canyon Property, NV from Searchlight

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[{"type":"text","content":"Emgold Completes Acquisition of New York Canyon Property, NV from SearchlightVANCOUVER, BC / ACCESSWIRE / March 30, 2020 / Emgold Mining Corporation (TSXV:EMR)(OTCPINK:EGMCF)(FRA:EMLM) (\"Emgold\" or the \"Company\") announces it has completed the acquisition of 100% ownership of 21 patented and 60 unpatented mineral claims that make up the core of the New York Canyon Property, NV (the \"Property\") from Searchlight Resources Inc. (SCLT) (\"Searchlight\"). The Property hosts both copper oxide skarn and copper-molybdenum-gold-silver sulfide porphyry mineralization in three known targets - Longshot Ridge, Copper Queen, and Champion. As background:On July 16, 2019, Emgold announced it had signed a Claim Purchase Agreement with Searchlight to acquire 100% interest in the Property (at that time 21 patented and 60 unpatented mineral claims).On November 15, 2019, the Company announced that it had expanded the size of the Property by staking 92 additional unpatented claims.On February 11, 2020, Emgold announced it had signed an Earn-In with Option to Joint Venture Agreement with Kennecott Exploration Company (\"Kennecott\"), a subsidiary of Rio Tinto PLC (RIO:L)(RIO.AX)(RIO.N) for the Property. Kennecott can earn up to a 75% interest in the Property by completing US$22.5 million in exploration expenditures. Kennecott staked 265 unpatented mineral claims, expanding the Property to 21 patented and 417 unpatented mineral claims, totaling approximately 8,700 acres.The Property ownership, subject to underlying royalties and subject to transfer of the Searchlight claims to Emgold, will now be consolidated between Emgold and Kennecott and falls under the Earn-In with Option to Joint Venture Agreement between Emgold and Kennecott.Searchlight TransactionUnder the terms of the Claim Purchase Agreement between Emgold and Searchlight, Emgold, agreed to purchase a 100% interest in the 21 patented and 60 unpatented mineral claims comprising the Property (at that time) from Searchlight under the following terms:C$10,000 on signing the LOI (paid);C$40,000 on closing of the Transaction (paid);C$500,000 in common shares of the capital of Emgold at the date of closing of the Transaction, with the share price based on the 30-day volume weighted average price of the Company's share immediately prior to the announcement of the Transaction - 2,941,176 shares ...

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