Nevada Exploration Sells Royalties to EMX Royalty
Reno, Nevada, September 2, 2022 (GLOBE NEWSWIRE) — Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V:NGE; OTCQB:NVDEF) reports that it has sold a 2% net smelter return royalty covering its current portfolio of Nevada gold projects (the “Royalty”) to Bronco Creek Exploration Inc., a wholly owned subsidiary of EMX Royalty Corporation (“EMX”), for a purchase price of $500,000 USD.
NGE may buy back a total of 1% of the Royalty on each project by: (1) purchasing 0.5% for $1,000,000 USD anytime prior to the 7th anniversary of the agreement; and (2) purchasing the remaining 0.5% for $1,500,000 USD anytime prior to production.
In the case that NGE options, farms out, or sells a project subject to the Royalty to a third party, such party shall be required to pay EMX annual advance royalties as follows: $20,000 on the first anniversary, $30,000 on the second anniversary, $40,000 on the third anniversary, and $50,000 on the fourth and subsequent anniversaries.
NGE used a portion of the proceeds from the Royalty sale to pay the Bureau of Land Management annual claim maintenance fees due September 1, 2022, for its Nevada claim holdings.
About Nevada Exploration Inc.
Led by an international team of proven explorers, NGE is disrupting Nevada’s exploration industry by applying new technology to systematically explore for the second half of Nevada’s gold endowment waiting to be discovered beneath Nevada’s valley basins. NGE is advancing a portfolio of new gold exploration projects, primarily focused on three district-scale Carlin-type gold projects, which includes its flagship South Grass Valley project where it is currently drilling approximately 50 kilometres south-southwest of the Nevada Gold Mines (Barrick Gold Corp. and Newmont Corporation joint venture) Cortez complex.
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward-Looking Information:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws, including, without limitation, expectations, beliefs, plans, and objectives regarding projects, potential transactions, and ventures discussed in this release.
In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, regarding, among other things, the assumption the Company will continue as a going concern and will continue to be able to access the capital required to advance its projects and continue operations. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
In addition, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the risks inherent in mineral exploration, the need to obtain additional financing, environmental permits, the availability of needed personnel and equipment for exploration and development, fluctuations in the price of minerals, and general economic conditions.
A more complete discussion of the risks and uncertainties facing the Company is disclosed in the Company’s continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.