Spanish Mountain Golds (TSX.V – SPA) Spanish Mountain gold project is one of the first recognized occurrences of a sediment hosted gold system in British Columbia. The project is at an advanced stage and an updated NI 43-101 compliant resource estimate was released in 2009.
Spanish Mountain Gold to Acquire Additional Mineral Claims for Spanish Mountain Gold Project
Spanish Mountain Gold Ltd. has entered into a mineral claims purchase agreement to acquire certain mineral claims from Acrex Ventures Ltd. The property covers an area of approximately 1,500 hectares and is located adjacent to the company's Spanish Mountain gold project located in central British Columbia, Canada.
Under the terms of the agreement, on closing the company will: (i) pay
$500,000 cash; (ii) issue 1.5 million common shares of the company;
(iii) either pay an additional $250,000 cash, or, at the company's election, issue a further 500,000 common shares of the company; and (iv) grant a royalty and assume a third party royalty with the result that the property shall be subject to a 4-per-cent net smelter return royalty. The company may reduce the NSR to 2.0 per cent by paying $2-million at any time after commencement of commercial production.