Business
First Mining's Joint Venture Partner Big Ridge Gold Completes Stage 1 Earn-In for the Hope Brook Gold Project, Ontario, Canada
First Mining's Joint Venture Partner Big Ridge Gold Completes Stage 1 Earn-In for the Hop...
About this update from First Mining Gold Corp.
[{"type":"text","content":"\n \n \n \n First Mining's Joint Venture Partner Big Ridge Gold Completes Stage 1 Earn-In for the Hope Brook Gold Project, Ontario, Canada\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Sept. 13, 2022\n \n \n /CNW/ -\n \n First Mining Gold Corp. (\"First Mining\"\n \n or the\n \n \"Company\")\n \n (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that Big Ridge Gold Corp. (\"\n \n \n Big Ridge\n \n \n \") (TSXV: BRAU) has completed the Stage 1 earn-in requirements (the \"\n \n Stage 1 Earn-In\n \n \") with respect to the Hope Brook Gold Project (\"\n \n Hope Brook\n \n \") as set out in the earn-in agreement (the \"\n \n Agreement\n \n \") that\n \n Big Ridge\n \n signed with First Mining on\n \n April 5\n \n , 2021.  As required under the Agreement,\n \n Big Ridge\n \n has (i) incurred\n \n $10 million\n \n in qualifying exploration expenditures at Hope Brook, (ii) issued 15,000,000 common shares of Big Ridge (\"\n \n Big Ridge Shares\n \n \") to First Mining, and (iii) granted to First Mining a 1.5% net smelter returns (\"\n \n NSR\n \n \") royalty on Hope Brook, of which 0.5% can be bought back by\n \n Big Ridge\n \n for\n \n $2 million\n \n .\n \n \n \n \n \n \n \n \n \n With the Stage 1 Earn-In now complete,\n \n Big Ridge\n \n has earned a 51% ownership interest in Hope Brook and has until\n \n June 8, 2026\n \n to acquire an additional 29% direct interest in Hope Brook (the \"\n \n Stage 2 Earn-In\n \n \") by: (i) incurring a further\n \n $10 million\n \n in exploration expenditures (the \"\n \n Additional Expenditures\n \n \"); and (ii) issuing additional Big Ridge Shares to First Mining in the amount that is the lesser of (a) 10,000,000 Big Ridge Shares; or (ii) the number of Big Ridge Shares which, when combined with the number of Big Ridge Shares owned by First Mining at the time of issuance, would result in First Mining owning 19.9% of the issued and outstanding Big Ridge Shares outstanding. Upon completion of the Stage 2 Earn-In, First Mining will h...