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Endurance Closes The Sale Of Rattlesnake Hills Property, Wyoming; Alkaline Gold District Consolidated Under Single Ownership
(via Thenewswire.ca) Vancouver, BC / TheNewswire / October 13 2015 - Endurance Gold Corp...
About this update from Endurance Gold Corporation
[{"type":"text","content":"Endurance Closes The Sale Of Rattlesnake Hills Property, Wyoming; Alkaline Gold District Consolidated Under Single Ownership(via Thenewswire.ca)\n\n \nVancouver, BC / TheNewswire / October 13 2015 - Endurance Gold Corporation (EDG - TSX.V, \"Endurance\") is pleased to announce that it has closed the sale, for shares and cash, of its 100% ownership interest in the Rattlesnake Hills Property to GFG Resources (US) Inc. (\"GFG\"), a private company incorporated in the United States. A Letter of Intent for the sale was initially announced on August 10, 2015.\n\n\n \nThe Company's Rattlesnake Hills Property encompasses about 7,000 acres consisting of 298 unpatented lode mining claims and four Wyoming state mining leases. The property consists of both 100% owned property and a property that is subject to an option to earn 100% interest from a private vendor.\n\n\n \n \"We are pleased to see the emerging Rattlesnake Hills alkaline gold district consolidated under single ownership\" stated Mr. Boyd, President and CEO of Endurance. \"GFG shares our Company's vision on the unrealized discovery potential of the Rattlesnake Hills district and we look forward to benefiting both as a shareholder of GFG, and a royalty owner\"\n\n\n \nThe sale price for the Rattlesnake Property is US$150,000 cash and 1,400,000 common shares in the capital stock of GFG. The Company received a total of US$150,000 and 850,000 GFG shares at closing. The remaining 550,000 GFG purchase shares are deliverable on or before February 6, 2017. GFG has assumed the 2015 annual federal payments on the lode mining claims and will also assume the obligations of an underlying option agreement which included obligations to pay the private vendor US$70,000 by December 31, 2016 and issue Endurance common shares to vest ownership. Concurrent with this sale, the Company, GFG, and the vendor renegotiated the terms of this option agreement such that the private vendor received GFG common shares instead of the Company's shares.\n\n \n \nThe Company retains a 2% net smelter returns royalty (\"NSR\") on the 298 unpatented lode mining claims, a 1% NSR on the State leases, and a 1% NSR on certain private fee simple mineral rights if those rights are acquired by GFG. GFG can purchase one-half of the NSR prior to December 31, 2017 for a cash payment of US$750,000, and thereafter, at any time,...