Business
Lincoln in Discussions to Reduce Pine Grove Royalties
VANCOUVER, BC / ACCESSWIRE / January 20, 2021 / Lincoln Gold Mining Inc. ("Lincoln" or the "C...
About this update from Lincoln Gold Mining Inc
[{"type":"text","content":"Lincoln in Discussions to Reduce Pine Grove RoyaltiesVANCOUVER, BC / ACCESSWIRE / January 20, 2021 / Lincoln Gold Mining Inc. (\"Lincoln\" or the \"Company\") (TSXV:LMG) announces that it has entered into discussions with two of its partners that own patented claims within the Company's Pine Grove Gold Project located in Nevada. The discussions involve a reduction in the net smelter returns royalties (NSRs) that currently exist on production. At present, the NSRs range from 2.5% to 7% on the planned open pit areas. Discussions have involved the buy down of these royalties from 0% to 2% maximum.As the Company gets closer to production, management felt that it was imperative to reduce or eliminate the NSRs to attract third party start-up financing for the plant and equipment. In this regard, Lincoln has been in discussions with several firms that have indicated their interest in financing the Pine Grove Gold Project if the NSRs could be reduced. The Company will keep shareholders apprised as negotiations progress.In February 2020, the Company announced that it had engaged Stantec Consulting Services Inc. of Reno, NV as lead consultant to oversee and complete the Environmental Impact Statement (EIS) for the Pine Grove Gold Project. Stantec is working closely with the United States Forest Service (USFS), the lead agency for the Pine Grove project. The USFS has authorized and is directing the various studies to be conducted by Stantec that will culminate in an EIS. The EIS will be submitted for review under the National Environmental Policy Act (NEPA). Final NEPA approval is necessary for the Company to proceed to the construction phase of an open-pit, heap leach operation and onto commercial production.While Lincoln was able to advance permitting at Pine Grove during 2020, permitting did not advanced to the degree the Company had planned. This was mainly due to the Covid-19 pandemic and restrictions on field work that had been planned for the spring, summer and fall seasons of 2020. Lincoln is now hoping that an early start can be made to the fieldwork in 2021 so that water well drilling, archaeological studies, social impact reviews, and other studies can get underway.In October 2020, the Company announced the retirement of Jeffrey Wilson, Executive Vice President and Vice President Exploration, who has been with the Company since ...