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Rye Patch Gold Corp (TSX-V: RPM;OTC: RPMGF) reported that the company has completed the work commitment obligations to earn a 100% interest in the Wilco project by spending over US$3 million at the project to date.
Rye Patch Gold Corp (TSX-V: RPM;OTC: RPMGF) reported that the company has completed the work commitment obligations to earn a 100% interest in the Wilco project by spending over US$3 million at the project to date.
The press release is quoted as saying:
Rye Patch Gold’s interest in the Wilco project is subject to the back-in rights of a subsidiary of Newmont Mining Corporation (“Newmont”). If Rye Patch Gold completes a positive feasibility study on the Wilco project, Newmont will then have 120 days to exercise its back-in right to earn a 60% interest in the Wilco project which, if exercised, requires Newmont to contribute expenditures totalling US$15 million on the project prior to the 8th anniversary of exercising the back-in right.