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i-80 Gold Completes Transaction with Nevada Gold Mines to Acquire Lone Tree and Buffalo Mountain
i-80 Gold Completes Transaction with Nevada Gold Mines to Acquire Lone Tree and Buffalo M...
About this update from I-80 Gold Corp
[{"type":"text","content":"\n \n \n \n i-80 Gold Completes Transaction with Nevada Gold Mines to Acquire Lone Tree and Buffalo Mountain\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n PR Newswire\n \n \n \n \n \n All currencies expressed as\n \n United States\n \n dollars unless otherwise stated\n \n \n \n \n RENO, Nev.\n \n ,\n \n Oct. 14, 2021\n \n /PRNewswire/ -\n \n i-80 GOLD CORP.\n \n (TSX: IAU) (OTCQX: IAUCF)\n \n (\"i-80\", or the \"Company\")\n \n is pleased to announce that, together with its wholly-owned subsidiaries Goldcorp Dee LLC (\"\n \n Goldcorp Dee\n \n \") and Au-Reka Gold LLC (\"\n \n Au-Reka\n \n \"), it has completed the transactions contemplated by the previously announced asset exchange agreement (the \"\n \n Exchange Agreement\n \n \") with Nevada Gold Mines LLC (\"\n \n NGM\n \n \"). Pursuant to the Exchange Agreement, the Company acquired from NGM, by way of an asset exchange, the Lone Tree and Buffalo Mountain gold deposits and certain processing infrastructure, including an autoclave (collectively, the \"\n \n NGM Properties\n \n \"), in consideration for: (i) Goldcorp Dee's 40% ownership in the South Arturo property; (ii) assignment of Au-Reka's option to acquire the adjacent Rodeo Creek exploration property; (iii) contingent consideration of up to\n \n $50 million\n \n based on production from the Lone Tree property; and (iv) arrangement of substitute bonding (and release of NGM bonds) in respect of the Lone Tree and Buffalo Mountain reclamation obligations at closing (collectively, the \"\n \n Asset Exchange\n \n \"). In addition, at closing of the Asset Exchange, NGM reimbursed i-80 approximately\n \n $7.3 million\n \n for amounts previously advanced by i-80 for the autonomous truck haulage test work completed at South Arturo and for funds advanced by i-80 that were not used for reclamation activities.\n \n \n \n \n \n \n \n \n \n \"With the closing of this transaction, we now embark on our aggressive growth plan to achieve our goal of building a prominent mid-tier gold producer\" stated\n \n Matthew Gollat\n \n , EVP Bu...