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Viscount Grants Centerra Gold Inc. a 4 Year Option to Earn a 70% Interest in the Cherry Creek Nevada Project
Vancouver, British Columbia--(Newsfile Corp. - January 6, 2021) - Viscount Mining Corp. (TSX...
About this update from Viscount Mining Corp.
[{"type":"text","content":"Viscount Grants Centerra Gold Inc. a 4 Year Option to Earn a 70% Interest in the Cherry Creek Nevada ProjectVancouver, British Columbia--(Newsfile Corp. - January 6, 2021) - Viscount Mining Corp. (TSXV: VML) (OTCQB: VLMGF) (\"Viscount\" or \"the Company\"), a mineral resource exploration company with a portfolio of past producing gold and silver mines and exploration properties in the Western United States, is pleased to announce it has entered into an exploration earn - in agreement (the \"Agreement\") with a wholly owned subsidiary of Centerra Gold Inc. (\"Centerra\"). Centerra is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold properties in North America, Asia and other markets worldwide and is one of the largest Western-based gold producers in Central Asia.The Agreement covers the Company's Cherry Creek property located in White Pine County, Nevada. Initially, Viscount will be the project manager.The Cherry Creek Project (the \"Property\") is located in north-eastern Nevada ~50 miles north of Ely, consisting of 320 unpatented and patented claims covering more than 2,658 hectares. The Property contains more than 20 past producing mines where high grade gold and silver production came from up to the 1920's. Mr. Jim MacKenzie, CEO of Viscount commented: \"We are very pleased to have entered into an agreement with a company of Centerra's stature and experience, and look forward to a long and mutually beneficial relationship.\" Mr. Mark Abrams, Director and VP of Exploration of Viscount, stated: \"Cherry Creek is one of the few remaining under-explored mining districts with geological attributes to the formation of both those in production at nearby Kinross's Bald Mountain Mine, and Newmont's Long Canyon Mine. We are excited to have Centerra bring their exploration and financial strength and join us in exploring the Cherry Creek project.\"Under terms of the Agreement Centerra has the right to acquire a 70% interest in the Property through (a) making annual payments totaling $250,000 USD over a 4 year period, and (b) spending $8,000,000 USD on mineral exploration costs on the Property over 4 years. If Centerra's option vests, then Viscount and Centerra will enter into a joint venture agreement:Centerra would hold an initial interest of 70% in the Joint Venture, including the Prop...