MGold will incur exploration expenditures totaling $4m and pay SRC $2m to acquire a 50% interest in the Silver Queen Claim Group.
The company will incur exploration expenditures totaling $1.35m and pay SRC $265,000 to acquire a 50% interest in the Klondyke Claim Group.
SRC will retain a 50% joint venture interest in both properties, and the terms of the LOI provide for MGold’s exploration expenditures to occur over a 30-month period and the payments to SRC to occur over a 27-month period.
The Silver Queen property is located in the Red Mountain Mining District of Esmeralda County in the US state of Nevada and is comprised of 147 unpatented mineral claims covering an area of about 2,996 acres.
The Klondyke property is located in the Klondyke Mining District in Esmeralda County, Nevada and is comprised of 118 mineral claims covering an area of about 2,438 acres.
