Business
LINCOLN TO PURCHASE CAVANAUGH CLAIMS AT PINE GROVE PROPERTY
LINCOLN TO PURCHASE CAVANAUGH CLAIMS AT PINE GROVE PROPERTY
About this update from Lincoln Gold Mining Inc
[{"type":"text","content":"\n\n\n\n Aug. 24, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\n\n VANCOUVER, Aug. 24 /CNW/ - Lincoln Mining Corporation, TSX-V: LMG\n ("Lincoln" or the "Company") is pleased to announce that, as part of its\n progress in moving the Pine Grove to production, Lincoln and its wholly\n owned subsidiary Lincoln Gold US Corp. ("Lincoln US") have entered into\n a purchase agreement for Lincoln US to acquire 10 unpatented mining\n claims and associated water rights (collectively known as the "Cavanaugh\n property") situated at the Company's Pine Grove project in Lyon County,\n Nevada.\n \n\n In consideration for the sale of the Cavanaugh property, the vendors\n will receive a total of US $650,000 and 400,000 common shares in the\n capital of the Company as follows:\n \n\n\n\n\n      On closing        August\n 23, 2011       August 23, 2012        August\n 23, 2013   \n \n\n  \n \n\n             $250,000.00             $150,000.00             $150,000.00             $100,000.00\n \n\n    and    and    and \n \n\n    150,000 shares   150,000 shares   100,000\n shares\n \n\n\n\n The vendors will also retain a 1.5% net smelter returns royalty subject\n to Lincoln's option to buy down the royalty at a rate of US $75,000 per\n one-half percent.  The balance of the payments indicated above following\n closing will be secured against the Cavanaugh property.\n \n\n The addition of the Cavanaugh...