Pilot Gold to Buy Nevada Clean Magnesium’s Griffin Property

Nevada Clean Magnesium Inc. (TSXV:NVM) announced that it has entered an agreement to sell its Griffin gold property to Pilot Gold Inc. (TSX:PLG).

As quoted in the press release:

The Griffon Gold property consists of 186 unpatented lode mining claims located 45 miles southeast of Ely, Nevada within the Humbolt-Toiyabe National Forest in White Pine County, which is situated in the southern portion of the Battle Mountain-Eureka gold trend of Nevada. Pilot Gold had been earning a 60% interest in the property from a subsidiary of the Company.

The purchase agreement is comprised of a one-time payment of 180,000 Pilot Gold common shares to NevadaCMI. The Pilot Gold common shares are subject to the mandatory hold period as defined by the Toronto Stock Exchange. The Griffon Gold property remains subject to a 2% NSR due to the original vendors of the property.

Click here to read the full Nevada Clean Magnesium Inc. (TSXV:NVM) press release.