Royalty acquisition specialist Euro-Nevada Mining (TSE), has picked up another royalty property in the Nevada gold district, the company said recently.
Euro-Nevada says it will acquire a 3% net smelter return on the Marigold mine near Battle Mountain, Nev., for $2.2 million(US) decreasing to 1.75% after approximately $1 million is paid out.
The mine is being brought to production by operator Rayrock Yellowknife Resources (TSE) at a rate of about 60,000 oz gold annually.
Mineable reserves on the 34,200- acre royalty property stand at five million tons grading 0.082 oz gold per ton, according to Euro-Nevada. Since it covers five square miles on the Battle Mountain trend, the royalty acquistion has excellent exploration potential, said Euro-Nevada President Pierre Lassonde.
In addition, Euro-Nevada owns 1,280 acres immediately adjacent to the Marigold mine. The company also holds royalty interests in Lacana Mining’s (TSE) Santa Fe deposit and Newmont Gold’s Maggie Creek and Gold Quarry mines.
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