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NV Gold Signs Binding LOI for Option to Acquire 100% of the Silver District Property in Arizona, USA
VANCOUVER, BC / ACCESSWIRE / January 13, 2020 / NV Gold Corporation (TSXV:NVX)(OTC:NVGLF) ...
About this update from Nv Gold Corporation
[{"type":"text","content":"NV Gold Signs Binding LOI for Option to Acquire 100% of the Silver District Property in Arizona, USAVANCOUVER, BC / ACCESSWIRE / January 13, 2020 / NV Gold Corporation (TSXV:NVX)(OTC:NVGLF) (\"NV Gold\" or the \"Company\") announces that it has entered into a Binding Letter of Intent (\"LOI\") with Magellan Gold Corporation (OTCQB: MAGE) (\"Magellan\") under which NV Gold has an option to acquire all of Magellan's interest in its Silver District Project located in La Paz County, Arizona, USA (the \"Property\").\"With continued optimism in the gold and silver market, NV Gold has reviewed the Silver District Project in Arizona, and believes the property provides a unique resource development opportunity for the Company and its shareholders. The Silver District project can be explored and developed year-round, it lies in close proximity to our other projects in Nevada, it hosts an unconfirmed historical resource totaling in excess of 15 million ounces of silver developed nearly 30 years ago and it is potentially open along strike and at depth in multiple vein systems, with very limited drilling below 40 meters,\" commented Peter A. Ball, President. \"After securing positive terms for NV Gold to acquire the Silver District Project, including minimal cash and dilution components, we look forward to an in-depth review of the project during the four-month exclusive due diligence period. Our goal is to push forward to finalize a Definitive Agreement with Magellan, and quickly engage a third-party, independent technical consultant, to provide geological modelling and data verification.\"Highlights of the Silver District Binding LOI Terms:Magellan grants NV Gold the exclusive right to purchase an undivided 100% right, title and interest in and to the Property and the Property Data in consideration of NV Gold completing the following payments and work commitments:Time for PaymentCashUS$SharesShares CDN$Work CommitmentCDN$Binding LOI$25,000120 Day Due Diligence / Exclusivity PeriodDefinitive Agreement (DA)$75,000350,000 1st Year Anniversary of DA $75,000$50,0002nd Year Anniversary of DA$25,000 $75,000$50,0003rd Year Anniversary of DA$25,000 $100,000$50,0004th Year Anniversary of DA$25,000 $125,000$50,0005th Year Anniversary of DA$25,000 $150,000$25,000\"As we continue to evaluate, explore and develop our core project portfolio and data libr...