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News Breaks | | | | June 12, 2012 | | 05:28 EDT |  | XPL | Sandstorm Gold acquires NSR Royalty from Solitario and Ely Gold for $10M
Solitario Exploration & Royalty Corp. and Ely Gold & Minerals are pleased to announce that Sandstorm Gold has purchased a 2.4% net smelter returns royalty, or NSR, on the Mt. Hamilton gold project for $10M. The Mt. Hamilton gold project, located in Nevada, U.S.A., is held by Mt. Hamilton LLC that is 80%-owned by Solitario and 20%-owned by Ely. MH-LLC received an upfront payment of $6M upon signing the agreement and will receive a future cash remittance of $4M on January 15, 2013. As part of the agreement, MH-LLC will have the option, for a period of 30 months, to repurchase up to 100% of the NSR for $12M, provided that Solitario enters into a gold stream agreement with Sandstorm that has an upfront deposit of no less than $30M. In addition, MH-LLC has provided Sandstorm with a right of first refusal on any future royalty or gold stream financing for the Mt. Hamilton project. | |
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