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Emgold Signs Letter of Intent to Lease, with Option to Purchase, the Marietta Property, Nevada
(via TheNewswire) Vancouver, British Columbia / TheNewswire / Emgold Mining Corpor...
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[{"type":"text","content":"Emgold Signs Letter of Intent to Lease, with Option to Purchase, the Marietta Property, Nevada(via TheNewswire)\n\n \n \n\nVancouver, British Columbia / TheNewswire / Emgold Mining Corporation (TSXV: EMR) (\"Emgold\" or the \"Company\") announces it has signed a Letter of Intent (\"LOI\") with MSM Resource LLC (\"MSM\") to lease, with option to purchase, a 100% interest in the Marietta Property, Nevada (the \"Property\"). The Property is an early-stage exploration property located in the Walker Lane area of western Nevada about 40 miles south of the town of Hawthorne. It consists of 13 patented mining claims and 12 unpatented mining claims. The Property has exploration potential for discovery of shallower hydrothermal gold and silver mineralization and copper porphyry mineralization. The transaction (the \"Transaction\") is subject to completion of a definitive option to purchase agreement \"the Definitive Agreement\" and may be subject to TSX Venture Exchange approval. All currency amounts in this press release are in $US. The Transaction is an arms-length Transaction.\n\n \n\nTerms of the Transaction\n\n \n\nEmgold has agreed to lease the Property for a five year period (the \"Lease Period\") to conduct exploration. Annual lease payments (\"Lease Payments\") required to be paid by Emgold to MSM are outlined in Table 1 below:\n\n \n\nTable 1\n\n\n\nPayments to MSM During the Lease Period\n\n\n\nTiming of Lease Payment\n\n\n\n\nPayment $US\n\n\n\n\nDue Diligence Payment (completed)\n\n\n\n\n$25,000\n\n\n\n\nClosing of Transaction\n\n\n\n\n$75,000\n\n\n\n\nYear 1 Anniversary of Closing\n\n\n\n\n$100,000\n\n\n\n\nYear 2 Anniversary of Closing\n\n\n\n\n$100,000\n\n\n\n\nYear 3 Anniversary of Closing\n\n\n\n\n$100,000\n\n\n\n\nYear 4 Anniversary of Closing\n\n\n\n\n$100,000\n\n\n\n\nTotal\n\n\n\n\n$500,000\n\n\n \n\nDuring the Lease Period, Emgold will be responsible for making all claim fees and tax payments required to keep the patented and unpatented claims comprising the Property in good standing. There are no exploration work commitments.\n\n \n\nEmgold will have a further option to acquire a 100% interest in the Property (in increments of 25% each year) over a four year period (the \"Option Period\") in exchange for the following option payments to be made to MSM (the \"Option Payments\"), as shown in Table 2 below:\n\n \n\nTa...