Business
Lincoln Mining Corporation - Wilson royalty reduced at Pine Grove property
Lincoln Mining Corporation - Wilson royalty reduced at Pine Grove property
About this update from Lincoln Gold Mining Inc
[{"type":"text","content":"\n\n\n\n Jul. 22, 2010 (Canada NewsWire Group) -- \n \n \n\n\n\n\n\n\n\n\n\n\n\nVANCOUVER, July 22 /CNW/ - Lincoln Mining Corporation, TSX-V: LMG ("Lincoln" or the "Company") is pleased to announce that it has entered into an amending lease agreement ("Amending Agreement") with Lyon Grove LLC on its Wilson property which comprises part of the Company's Pine Grove project in Nevada.\nThe Amending Agreement, amongst other things, changes the sliding scale net smelter returns royalty ("NSR") of 3-7% currently applicable in respect of any future production from Wilson property, to a fixed NSR at a reduced rate of 2.5%. As consideration for the royalty reduction, Lyon Grove will receive US $150,000 cash and 500,000 common shares in the capital of the Company following receipt of requisite approval of the transaction from the TSX Venture Exchange (the "Exchange") and an additional US $150,000 within one year thereafter.\nThe Company believes that the significantly reduced NSR will facilitate financing opportunities as it plans for the next stages of development for its Pine Grove property.\nThe Amending Agreement remains subject to approval of the Exchange.\n\nLincoln Mining Corp. is a Canadian precious metals exploration and development company with several projects in various stages of exploration and development which include the Pine Grove gold property, the Oro Cruz gold property in California and the La Bufa gold-silver property in Mexico. In the United States, the Company operates under Lincoln Gold US Corp., a Nevada corporation.\n\n\n >\n\n\nNEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.\n\nTHIS PRESS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS OR INFORMATION. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT INCLUDED IN THIS RELEASE, INCLUDING WITHOUT LIMITATION, STATEMENTS REGARDING FUTURE PLANS AND OBJECTIVES OF LINCOLN IN RESPECT OF FINANCING OPPORTUNITIES AND PLANS FOR DEVELOPMENT OF ITS PINE GROVE PROPERTY, ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE VARIOUS RISKS AND UNCERTAINTIES. THERE CAN BE NO ASSURANCE THAT SUCH STATEMENTS WILL PROVE TO BE ACCURATE AND ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MA...