Business
Patriot Gold Corp Announces Arbitration Decision Regarding Moss Mine Gold Project in Arizona
Patriot Gold Corp Announces Arbitration Decision Regarding Moss Mine Gold Project in Arizona.
About this update from Patriot Gold Corp.
[{"type":"text","content":"\n \n \n Patriot Gold Corp Announces Arbitration Decision Regarding Moss Mine Gold Project in Arizona\n \n \nPatriot Gold Corp Announces Arbitration Decision Regarding Moss Mine Gold Project in Arizona\n \n LAS VEGAS, NEVADA--(Marketwired - Jan 22, 2016) - Patriot Gold Corp. (OTCQB:PGOL) or (\"Patriot Gold\") announced today that a decision was issued January 21, 2016 in the arbitration with its optionee, Northern Vertex Mining Corporation/Golden Vertex Corporation (\"Northern Vertex\"), under the \"Exploration and Option to Enter Joint Venture Agreement Moss Mine Project\" (the \"Agreement\") between the two parties. \n \n The Arbitrator, Justice Robert E. Rose (Ret.), ruled that The Scope and Technical Details of the Bankable Feasibility Study provided by Northern Vertex met industry standards and conforms to the Agreement. Patriot had asserted that the feasibility study as provided by Northern Vertex did not conform to the Agreement as it covered only patented claims and did not adequately address the unpatented claims or the surrounding area of interest.\n \n Finally, the Arbitrator ruled that approximately $5.5 million in gold and silver produced and sold by Northern Vertex from its Pilot Leach Plant in conducting testing and analysis of the Moss Mine was the property of Northern Vertex and such revenues could be used to cover expenses and fund operations thereof. Patriot had claimed that while the provisions of the Agreement gave Northern Vertex the right to prospect, develop and explore, it did not give it the right to sell the gold and silver ore before completion of the earn in provisions of the Agreement.\n \n While the Company disagrees with, and is disappointed in, the rulings by the Arbitrator, it accepts the decisions rendered and intends to complete a Joint Venture Agreement with Northern Vertex and ultimately enter into commercial production at the Moss Mine Gold Project.\n \n Patriot Gold Corp. is a precious metals exploration and production company with the mission to discover and develop significant gold and silver assets. Headquartered in Las Vegas, Nevada, Patriot Gold currently holds interests in four projects consisting of the Moss project in Arizona and three in Nevada (Bruner, Vernal, and Windy Peak). For more information, go to our website at ww.patriotgoldcorp.com.\n \n Disclaimer: This announcement ma...