Gold

Golden Independence Mining Corp. (CSE: IGLD) (OTCQB: GIDMF) (FSE: 6NN) (the "Company") is pleased to announce it has formed the Joint Venture with Americas Gold Exploration Inc. ("AGEI") to advance the Independence project located approximately twenty-five miles south of the town of Battle Mountain, Nevada.

The Company entered into an option agreement on August 28, 2020 with AGEI to acquire an initial 51% interest in the Independence project subject to the following requirements:

  • Staged cash payments to the underlying owner, from whom AGEI had an option to acquire 100% of the Independence project subject to a 2% NSR, totaling US$4.3 million prior to December 31, 2021;
  • Staged work expenditures totaling US$3 million on the Independence project prior to December 31, 2021; and
  • Payment of 500,000 shares of Golden Independence and US$50,000 cash to AGEI within 30 days of signing the option agreement.

As part of the work program undertaken since entering in an option agreement on the Independence project, the Company completed a 36 hole RC drill program which, coupled with the 56 RC holes undertaken by previous operators, culminated in a maiden NI 43-101 compliant near surface resource for the Independence project of 537,300 ounces of gold and 8.1 million ounces of silver in the Measured & Indicated categories as well 147,300 ounces of gold and 1.2 million ounces of silver in the Inferred category. This near surface resource, including additional results from a subsequent 12 hole RC drill program, forms the basis for an upcoming Preliminary Economic Assessment on the Independence project anticipated before year end 2021. An additional 796,200 ounces of gold in the Inferred category makes up the underground portion of the current NI 43-101 compliant resource at the Independence project.

Joint Venture Terms

Under the terms of the Joint Venture;

  • Golden Independence has an initial 51% interest in the Independence project while AGEI holds an initial 49% interest.
  • Golden Independence is the operator and is entitled to a 10% operator fee until a production decision is made on the Independence project.
  • Both parties must contribute to funding further development at the Independence project on a pro-rata basis or have their interest diluted as per the standard formula outlined by the Rocky Mountain Mineral Law Foundation.
  • Should either party of the Joint Venture be diluted to a 15% interest that interest will be converted into a 2% NSR on the Independence project of which half (ie. 1%) can be repurchased for US$4,000,000.

"We are delighted to have formed the Joint Venture for the Independence project," stated Golden Independence CEO Christos Doulis. "With our earn-in complete, we look forward to working with our partner, AGEI, to advance the Independence project towards a production decision," he concluded.

"The execution of the Joint Venture Agreement is the result of a strong team effort that has rapidly advanced the Independence project," added AGEI President Don McDowell. "We look forward to continuing work with Golden Independence as we advance development of the Independence project towards production," he concluded.

About Golden Independence Mining Corp.

Golden Independence Mining Corp. is an exploration company currently focused on exploring the advanced-stage Independence project located adjacent to Nevada Gold Mine's Phoenix-Fortitude mine in the Battle Mountain-Cortez Trend of Nevada. The Independence project hosts an M&I resource of 537,300 ounces of gold and an Inferred resource of 943,500 ounces of gold with a substantial silver credit. The Company is actively advancing the near-surface resource towards a production decision with a PEA anticipated in late 2021.

FOR FURTHER INFORMATION PLEASE CONTACT:

Christos Doulis, Chief Executive Officer
Telephone: 1.647.924.1083 Email: christos@goldenindependence.co

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107362

News Provided by Newsfile via QuoteMedia

federal reserve building, washington, dc

Top Stories This Week: Gold Bumps Down on Fed Minutes, Experts Give Copper Stock Picks

May 27 V2 youtu.be

Gold has moved in a fairly wide range this week, touching a low of just over US$1,840 per ounce on Thursday (May 26) and a high of nearly US$1,870 on Tuesday (May 24).

At the time of this recording on Friday (May 27) afternoon it was at the US$1,850 level.

In focus this week was the Wednesday (May 25) release of the US Federal Reserve's latest meeting minutes. Notably, the central bank indicated it is prepared to enact 50 basis point rate hikes at its June and July meetings.

Keep reading... Show less
gold bull and bear with chart

VIDEO — Gary Wagner: Gold Will Hit Another Record, but Rally Close to Final Leg

Gary Wagner: Gold Will Hit a Another Record, but Rally Close to Final Leg youtu.be

The US Federal Reserve is hiking interest rates in a bid to curb inflation, but according to Gary Wagner, executive producer at TheGoldForecast.com, that's not what will tame high prices.

Speaking to the Investing News Network at the recent Vancouver Resource Investment Conference (VRIC), Wagner, who also writes for Kitco Media, explained that supply chain issues are a bigger part of the problem.

"We've never had a point when we've had this kind of inflationary pressure and not had interest rates that are at least half to three-quarters the level of inflation. In other words, if inflation's running at 10 percent, interest rates are running at 5 to 8 percent," he said during an interview on the sidelines of the show.

Keep reading... Show less

Barrick Announces Major Social, Skills and Infrastructure Investment in Tanzania

All amounts expressed in US dollars

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) announced today that it would spend $6 for every ounce of gold sold by its two mines in the country on improving healthcare, education, infrastructure and access to potable water in the communities around them.

Keep reading... Show less
Tempus Resources

Tempus Resources receives DTC eligibility in U.S.

Tempus Resources Ltd ("Tempus" or the "Company") (ASX:TMR), (TSXV:TMRR), (OTCQB:TMRFF)(ASX:TMR), (TSXV:TMRR), (OTCQB:TMRFF) is pleased to announce that in relation to its US-based OTC Markets listing under the symbol "TMRFF", it has now received confirmation from the Depository Trust Company ("DTC") that its common shares are now eligible for electronic clearing and settlement through the DTC in the United States.

Tempus Resources President and CEO, Jason Bahnsen, commented "DTC eligibility is a key step in the development of our shareholder base and market presence across the United States. It allows current and prospective shareholders of Tempus Resources a reliable, cost-efficient, and timely method for clearing and settlement of our common shares and positions US investors to participate in the growth of the Company's Americas-based asset suite."

Keep reading... Show less

B2Gold Corp. to Acquire Oklo Resources Limited and its Extensive Land Package near the Fekola Mine

B2Gold Corp. (TSX: BTO), (NYSE AMERICAN: BTG), (NSX: B2G) (" B2Gold ") is pleased to announce that it has entered into a definitive Scheme Implementation Agreement (" Agreement ") with Oklo Resources Limited (ASX: OKU) (" Oklo ") pursuant to which B2Gold has agreed to acquire 100% of the fully paid ordinary shares of Oklo (the " Oklo Shares ") in consideration for 0.0206 of a common share of B2Gold (each whole share, a " B2Gold Share ") and A$0.0525 in cash for each Oklo Share held (" Scheme Consideration "). The Scheme Consideration represents a purchase price of approximately A$0.1725 for each Oklo Share and values the transaction at approximately A$91.3 million (including up to approximately A$27.4 million cash consideration). The transaction as contemplated by the Agreement (the " Transaction ") will be implemented by way of a scheme of arrangement pursuant to Part 5.1 of the Australian Corporations Act 2001 (Cth) (" Scheme "). Upon implementation of the Scheme, in addition to the cash consideration, B2Gold expects to issue up to 10,754,284 B2Gold Shares to Oklo shareholders, representing approximately 1% of the B2Gold Shares on an undiluted basis.

The acquisition of Oklo is expected to provide B2Gold with an additional landholding of 1,405 km 2 covering highly prospective greenstone belts in Mali , West Africa , including Oklo's flagship Dandoko Project (550 km 2 ). The Oklo properties are located on a subparallel, north-trending structure east of the prolific Senegal-Mali Shear Zone, approximately 25 kilometres from the Fekola Mine and approximately 25 kilometres from the Anaconda area, where B2Gold is currently conducting a 2022 Mali drill program of approximately 225,000 metres of drilling with a budget of US$35.5 million .

Keep reading... Show less