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First Mining Signs Option Agreement for its Turquoise Canyon Property
VANCOUVER, BC / ACCESSWIRE / August 21, 2019 / First Mining Gold Corp. (“First Mini...
About this update from First Mining Gold Corp.
[{"type":"text","content":"First Mining Signs Option Agreement for its Turquoise Canyon PropertyVANCOUVER, BC / ACCESSWIRE / August 21, 2019 / First Mining Gold Corp. (“First Mining” or the “Company”) (TSX:FF) (OTCQX:FFMGF) (FRANKFURT:FMG) is pleased to announce the signing of a four-year option agreement (the “Option Agreement”) with Momentum Minerals Ltd. (“Momentum”), a private company, granting Momentum the right to earn a 100% interest in First Mining’s Turquoise Canyon property (“Turquoise Canyon” or the “Property”) located in Nevada, U.S.Dan Wilton, CEO of First Mining stated, “Optioning this non-core property allows First Mining to continue to focus its core business on its Canadian assets, while eliminating our holding costs relating to this property, realizing value and retaining exposure to this prospective Nevada gold asset.”Turquoise Canyon consists of 188 unpatented claims totaling 1,562 hectares located along the Battle Mountain-Eureka Trend in Nevada, U.S. The Property is located 16 kilometres south of Barrick Gold Corp.'s Cortez Mine Complex, 9 kilometres west of its Gold Rush deposit and 1.5 kilometres east of the Toiyabe Mine, a Carlin-type gold deposit that was a past producer of gold in the 1990s. A map showing the Property location can be viewed at the following link:https://www.firstmininggold.com/_resources/maps/Turquoise-Canyon-Location-Map.pdf. Under the terms of the Option Agreement, First Mining will receive up to $500,000 in aggregate proceeds from Momentum as follows:10% of the current outstanding common shares of Momentum (value to be determined at the time of issuance);$25,000 cash within 30 days of signing the agreement;First anniversary: $50,000 in cash or Momentum common shares;Second anniversary: $150,000 in cash or Momentum common shares;Third anniversary: Half of the remaining amount owing in cash or Momentum common shares; andFourth anniversary: Remaining amount owing in cash or Momentum common shares.The annual consideration payments of cash or Momentum common shares will be at Momentum’s election. Beginning in 2020, Momentum will also be responsible for paying all annual concession tax payments with respect to the Property to the Nevada State land management authorities. In addition to the payment terms o...