Gold Reserve to Acquire Raven Gold’s Mining Assets in Alaska
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Gold Reserve Inc. has entered into a purchase and sale agreement with Raven Gold Alaska Inc., a wholly-owned subsidiary of Corvus Gold Inc., to acquire from Raven certain wholly-held Alaska mining claims, known as the LMS Gold Project.
The agreement provides for an all-cash acquisition whereby Gold Reserve Montana will pay to Raven US$350,000 upon closing of the acquisition of the assets.
Raven will retain a royalty interest with respect to (i) “precious metals” produced and recovered from the property equal to 3 percent of net smelter returns on such metals and (ii) “base metals” produced and recovered from the property equal to 1 percent of net smelter returns on such metals, provided that Gold Reserve Montana has the option, for a period of 20 years from the date of closing of the acquisition, to buy back a one-third interest (i.e. 1 percent) in the precious metals royalty at a price of US$4 million.
The property consists of 36 contiguous State of Alaska mining claims covering 61 km² in the Goodpaster Mining District situated approximately 25 km north of Delta Junction and 125 km southeast of Fairbanks, Alaska, and is accessed either by winter road or river boat providing year-round, non-helicopter support access. Several trails have been constructed providing surface access across the property.
About Gold Reserve
Gold Reserve Inc. has history in mining dating back to 1956 and was formed for the purpose of acquiring, exploring and developing mining properties and placing them into production. Consistent with that strategy, the company in 1992 acquired and began developing what is now known as the Brisas gold and copper project, located in the historic Km 88 mining district of the State of Bolivar in southeastern Venezuela.
To stop by Gold Reserve’s website, CLICK HERE
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