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Lincoln Gold and Eros Resources Announce Signing of a Non-Binding LOI
VANCOUVER, BC / ACCESSWIRE / August 10, 2023 / Lincoln Gold Mining Inc. ("Lincoln") (TSXV:LMG) an...
About this update from Lincoln Gold Mining Inc
[{"type":"text","content":"Lincoln Gold and Eros Resources Announce Signing of a Non-Binding LOIVANCOUVER, BC / ACCESSWIRE / August 10, 2023 / Lincoln Gold Mining Inc. (\"Lincoln\") (TSXV:LMG) and Eros Resources Corp. (\"Eros\") (TSXV: ERC) are pleased to announce that the companies have signed a non-binding Letter of Intent (\"LOI\") to begin negotiations for Lincoln to acquire the Bell Mountain project from Eros. As a result of the proposed transaction, Eros will acquire shares in Lincoln.Management of both companies believe that this collaboration will unlock new growth opportunities for both companies, as the leadership team at Eros transforms into a holding company and this strategic move will further enhance Lincoln's position in the mining sector.The Bell Mountain project is located in Churchill County, Nevada approximately 3 hours drive from Reno. Bell Mountain has excellent access and is in a mining friendly county. Details of the purchase arrangement are being negotiated at present and should be finalized shortly. Lincoln is very familiar with the project as it was part of Lincoln's group of projects several years ago, until it was optioned and sold to Eros. The Bell Mountain project is made up of 174 unpatented lode claims and is under the jurisdictions of the Bureau of Land Management and the State of Nevada. The property is 100% controlled by Eros and has a gold and silver resource. The Bell Mountain project has all major permits in place to advance it through construction and into operations.Lincoln believes that the two projects, the Bell Mountain and the Pine Grove combined will make for an attractive mining operation for a number of reasons. Lincoln's Pine Grove project, located in Lyon County, Nevada, is only a two-hour drive from the Bell Mountain project. The properties are close enough in distance so that one team of management, engineering, environmental, cultural, and administrative personnel could operate both properties and one recovery plant could handle both projects. Both projects are advanced-stage gold exploration projects with established resources and both projects have significant exploration potential. All these factors will help reduce overall capital and operating costs and will make for an exciting operating plan.Detailed plans for starting operations are being worked on. With the excellent exploration potential at bot...