Orefinders to Acquire Past-producing Mine in Ontario

Orefinders Resources Inc. (TSXV:ORX) announced that it has come to an agreement under which it will acquire the mineral rights for nine patented claims that make up the past-producing Gold Hill mine. It is next to the company’s Ontario-based Mirado gold property.

As quoted in the press release:

In order to earn in a 100% interest in the claims, Orefinders is required to make a cash payment of $27,000 and issue 20,000 shares to the vendor upon acceptance for filing by the TSX Venture Exchange. The vendor will retain a 1.5% net smelter royalty (NSR) that can be purchased by Orefinders for $500,000. Orefinders will retain the exclusive rights to purchase the surface rights for a period of two years from closing.

Bill Yeomans, CEO of Orefinders, commented:

The Gold Hill property acquisition further consolidates Orefinders land position adjacent to the Mirado project and provides the Company with immediate 100% ownership of a past producing gold deposit on extremely attractive terms. The Gold Hill deposit remains open at depth and along strike and will be tested using modern exploration techniques in the future.

Click here to read the full Orefinders Resources Inc. (TSXV:ORX) press release.