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Emgold Mining announces revised terms to the lease and option to purchase agreement for the Idaho-Maryland mine
Emgold Mining announces revised terms to the lease and option to purchase agreement for the Idaho-Maryland mine.
About this update from Emergent Metals Corp
[{"type":"text","content":"\n\n\n\nTSX Venture Exchange: EMR\n\n\nOTC Bulletin Board: EGMCF\n\n\nFrankfurt Stock Exchange: EML\n\n\nVANCOUVER, Feb. 1 /CNW/ - Emgold Mining Corporation (EMR-TSX Venture)\n(the \"Company\" or \"Emgold\") is pleased to announce that the Company has\nnegotiated an extension to the Mining Lease and Option to Purchase Agreement\nfor the Idaho-Maryland Mine located in Grass Valley, California. The revised\nagreement extends the purchase option exercise date from May 31, 2007, to\nDecember 31, 2008. As part of the revised agreement all other conditions of\nthe original Option and Lease Agreement, including the option purchase price\nand net smelter royalty remain unchanged. Emgold has agreed to a quarterly\noption payment of US$75,000 beginning on May 1, 2007, and continuing for the\nterm of the revised lease. A one-time extension payment of US$75,000 was paid\nupon execution of the revised agreement, in addition to the last remaining\noption payment of US$25,500 payable as of today's date.\n\n\n\"We are very pleased that the owners of the Idaho-Maryland Mine agreed to\nthe extension of the purchase option date to December 31, 2008,\" said Bill\nWitte, President and CEO of Emgold Mining Corporation. \"The revised option\nagreement will provide Emgold with greater financing discretion and\nflexibility as the Company completes the permitting process and commences the\ndevelopment of the Idaho-Maryland Mine.\"\n\n\nIt is anticipated that the Conditional Mine Use Permit may be granted by\nthe end of 2007. Subsequent activities in 2008 at the Idaho-Maryland, the\nsecond largest historical underground gold mine in California, will include\nde-watering the mine and driving a new decline to allow for extensive\nunderground exploration drilling intended to significantly increase the\ncurrent gold resource.\n\n\n William J. (Bill) Witte, P.Eng.\n President and Chief Executive Officer\n\n\nNo regulatory authority has approved or disapproved the information\n\n\ncontained in this news release.\n\n\n","length":2130,"tagName":"div"}]