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First Mining Partners with Auteco to Advance its Pickle Crow Gold Project
VANCOUVER, BC / ACCESSWIRE / January 27, 2020 / First Mining Gold Corp. ("First Mining" or th...
About this update from First Mining Gold Corp.
[{"type":"text","content":"First Mining Partners with Auteco to Advance its Pickle Crow Gold ProjectVANCOUVER, BC / ACCESSWIRE / January 27, 2020 / First Mining Gold Corp. (\"First Mining\" or the \"Company\") (TSX:FF) (OTCQX:FFMGF) (FRANKFURT:FMG) is pleased to announce that it has entered into a binding term sheet with Auteco Minerals Ltd (\"Auteco\") (ASX: AUT) whereby Auteco may earn up to an 80% interest in First Mining's Pickle Crow Gold Project (\"Pickle Crow\" or the \"Project\") located in Ontario, Canada. Auteco can earn a full 80% interest in the Project by incurring a total of $10 million in exploration expenditures over five years, making cash payments to First Mining totaling $4.1 million, and issuing 125 million shares of Auteco to First Mining. First Mining will also retain a 2% Net Smelter Return (\"NSR\") Royalty, 1% of which can be bought back for US$2.5 million. Further details are set out under \"Earn-in Details\".Transaction Highlights Partners First Mining with a highly skilled management team with a track record of discovery success.Auteco's management team is comprised of a number of the key individuals that advanced Bellevue Gold Ltd (\"Bellevue\") (ASX: BGL). Bellevue has had strong market success on the back of advancing the historic Bellevue Gold Mine in Western Australia, where they acquired a past-producing, high-grade gold project and defined a JORC compliant Inferred gold resource of 1.8 million ounces at 11.1 g/t gold in less than 18 months.Pickle Crow to benefit from modern exploration techniques and a new geological review.First Mining to retain meaningful exposure to the potential upside at Pickle Crow through project interest, equity exposure to Auteco, and a 2% NSR royalty.Dan Wilton, CEO of First Mining, stated \"We are excited to be partnering with such an accomplished group to advance Pickle Crow. Auteco has a strong technical team with a track record of generating value through exploration success. Their team is backed by the same key individuals involved with Bellevue who had recent success in revitalizing a past-producing district, and the project similarities are why we believe Auteco is one of the best positioned teams to advance and unlock the potential at Pickle Crow. This agreement also demonstrates the value in First Mining's broader asset portfolio. This agreement allows the Company and our shareholders ...