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Nevada Exploration Sells Royalties to EMX Royalty
RENO, Nev., Sept. 02, 2022 (GLOBE NEWSWIRE) -- Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V:NGE; OTCQB:NVDEF) reports that it has sold a 2% net smelt
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[{"type":"text","content":" RENO, Nev., Sept. 02, 2022 (GLOBE NEWSWIRE) -- Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V:NGE; OTCQB:NVDEF) reports that it has sold a 2% net smelter return royalty covering its current portfolio of Nevada gold projects (the “Royalty”) to Bronco Creek Exploration Inc., a wholly owned subsidiary of EMX Royalty Corporation (“EMX”), for a purchase price of $500,000 USD. NGE may buy back a total of 1% of the Royalty on each project by: (1) purchasing 0.5% for $1,000,000 USD anytime prior to the 7th anniversary of the agreement; and (2) purchasing the remaining 0.5% for $1,500,000 USD anytime prior to production. In the case that NGE options, farms out, or sells a project subject to the Royalty to a third party, such party shall be required to pay EMX annual advance royalties as follows: $20,000 on the first anniversary, $30,000 on the second anniversary, $40,000 on the third anniversary, and $50,000 on the fourth and subsequent anniversaries. NGE used a portion of the proceeds from the Royalty sale to pay the Bureau of Land Management annual claim maintenance fees due September 1, 2022, for its Nevada claim holdings. About Nevada Exploration Inc. Led by an international team of proven explorers, NGE is disrupting Nevada’s exploration industry by applying new technology to systematically explore for the second half of Nevada’s gold endowment waiting to be discovered beneath Nevada’s valley basins. NGE is advancing a portfolio of new gold exploration projects, primarily focused on three district-scale Carlin-type gold projects, which includes its flagship South Grass Valley project where it is currently drilling approximately 50 kilometres south-southwest of the Nevada Gold Mines (Barrick Gold Corp. and Newmont Corporation joint venture) Cortez complex. For more information, Nevada Exploration’s latest videos are available at:https://www.nevadaexploration.com/investors/media/ For further information, please contact: Nevada Exploration Inc.Email: [email protected]: +1 (604) 601 2006Website: www.nevadaexploration.com Neither 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. Cautionary Statement on Forward-Looking Information: This news release contains “for...