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LINCOLN MINING AND ELGIN MINING ENTERING INTO EXPLORATION FINANCING AGREEMENT OF UP TO $10 MILLION
Mar. 31, 2011 (Canada NewsWire Group) -- TORONTO AND VANCOUVER, March 31 /CNW/ - Lincoln Min...
About this update from Lincoln Gold Mining Inc
[{"type":"text","content":"\n\n\n Mar. 31, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTORONTO AND VANCOUVER, March 31 /CNW/ - Lincoln Mining Corporation, TSX-V: LMG ("Lincoln") and Elgin Mining Inc., TSX-V: ELG ("Elgin") are pleased to announce that they have entered into an option\n agreement (the "Agreement") granting Elgin the exclusive right and\n option to acquire up to a 60% undivided interest in each of Lincoln's\n Oro Cruz and La Bufa properties (collectively the "Properties" and\n individually a "Property") by funding expenditures totaling $10,000,000\n over a maximum four year period.\n\n\nPursuant to the Agreement, Elgin shall as a binding commitment (the\n "Initial Exploration Commitment") fund an initial aggregate amount of\n $4,000,000 in exploration expenditures on the Properties ($3,000,000 on\n Oro Cruz and $1,000,000 on La Bufa) over a period of up to two years\n from the date of the Agreement prior to earning any interest in the\n Properties. On the date that the Initial Exploration Commitment has\n been satisfied (the "Option Acquisition Date"), Elgin will have\n acquired the exclusive right and option to earn up to a 60% interest in\n each Property on the basis of a 20% interest earned in a Property for\n each $1,000,000 in additional expenditures funded on the Property over\n a two year period following the Option Acquisition Date. If within two\n years of the Option Acquisition Date, Elgin fails to fund at l...