Utah-based junior Bullion Monarch (BMRK-O) and Gold Valley Resources are acquiring the Willow gold property in the northern Carlin trend of Nevada.
In addition, the partners are bringing in a Canadian company, Knomex Resources (KNO-V), which can earn a half interest in the project.
Bullion and Gold Valley can earn 75% of their interest by paying US$50,000 plus 50,000 shares of Bullion stock.
The remaining 25% can be earned by paying US$12.50 per oz., a figure based on total minable reserves that will be calculated in a future feasibility study.
Knomex can earn a half interest in the joint venture by paying US$1 million in two installments, plus 200,000 shares of its stock. In addition, it must spend US$2 million on exploration over three years and a final payment of US$1 million in cash or shares.
The property consists of 34 claims between the Dee gold mine and the Midas gold project. Gold Valley will operate the grassroots project, and the first phase of drilling will begin immediately.
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