Rio Novo Gold Increases Land Position by 80% at Its Almas Gold Project

Rio Novo Gold Inc. (TSX:RN) announced it entered into an option agreement to acquire additional land adjacent to its Almas Gold project.

The press release is quoted as saying:

Under the terms of the Agreement, Rio Novo has agreed to pay US$200,000 on execution of the Agreement and US$200,000 per annum up to five years until commencement of eventual production, which will be subject to a 2.5% Net Smelter Return with Rio Novo retaining a right of first refusal in eventual sale of the NSR.

To read the full press release, click here.