Nevada and McEwen to Move Forward with New Gold Project

Nevada Exploration Inc. (TSXV:NGE) announced that as per an exploration agreement signed earlier this year, McEwen Mining Inc. (NYSE:MUX,TSX:MUX) plans to make a new gold project based in Grass Valley, Nevada a designated property.

As quoted in the press release:

As per the terms of the Exploration Agreement, McEwen Mining has granted NGE a 30% carried interest in the Grass Valley Designated Property and paid NGE $73,500 USD. McEwen Mining is the project manager, has sole discretion on the nature and timing of all exploration and development activities, and is solely responsible for payment of all costs incurred in respect of the project. If McEwen Mining elects to continue to maintain the Grass Valley Designated Property, McEwen Mining will pay NGE $100,000 USD on the first through fourth anniversaries of acquiring the Designated Property, and then $250,000 USD on each subsequent anniversary.

Click here to read the full Nevada Exploration Inc. (TSXV:NGE) press release.