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Lincoln Mining and Goldcliff Resource Sign Letter of Intent for a Joint Venture at Pine Grove, Nevada
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 9, 2016) - Lincoln Mining Corporation, (TSX VENTURE:LMG) ("Lincoln" or the "Company") announces that, further t
About this update from Lincoln Gold Mining Inc
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 9, 2016) - Lincoln Mining Corporation, (TSX VENTURE:LMG) (\"Lincoln\" or the \"Company\") announces that, further to the Company's news release on June 7, 2016, Lincoln has entered into a binding Letter of Intent with Goldcliff Resource Corporation (\"Goldcliff\") whereby Goldcliff will earn a 40% joint venture interest in Lincoln's Pine Grove Nevada project by spending $1,400,000 (US) over three years, and contributing the Wilson patented claims to the Pine Grove project holdings of Lincoln (see news release dated June 7, 2016). The Pine Grove project consists of the Wilson patented claims, the Wheeler patented claims, and 243 unpatented claims, including 10 placer claims and one mill site claim. The property comprises approximately 1,813 hectares (18.13 sq. kms). Measured Resources of 2,137,000 tonnes grading 1.42 g/t and Indicated Resources of 923,000 tonnes grading 1.25 g/t for a total of 3,060,000 tonnes grading 1.37 g/t occur in two deposits, on both the Wilson claims and the Wheeler claims. Lincoln also controls 723.97 acre-feet of certificated groundwater rights on the property dedicated to mining and milling. An Amended and Restated NI 43-101 Preliminary Economic Assessment for the Pine Grove Project, Lyon County, Nevada has been issued with a Report Date of February 4, 2015. Mr. Jeffrey Wilson, the Company's Vice President Exploration and a \"qualified person\" under National Instrument 43-101, reviewed and approved the scientific and technical information contained in this news release. Lincoln will serve as operator of the project, subject to the direction of a Management Committee comprising one member each nominated by Lincoln and by Goldcliff and one independent member. All Management Committee recommended expenditures are subject to Goldcliff approval. Included in Goldcliff's $1,400,000 earn-in threshold are annual advance royalty payments of $25,000 (US) on the Wilson patented claims to be paid to Lyon Grove LLC of Reno, NV and $30,000 (US) on the Wheeler patented claims to be paid to the Wheeler Mining Company. There are no additional duration, milestone, lump sum payments or work commitments as part of underlying land agreements. Goldcliff and Lincoln plan immediate resumption of permitting activities. Stantec Consulting Services Inc. of Reno, Nevada, is providi...