Bravada Gold Corp. announced that Solidus Gold Inc. has elected to relinquish its option to purchase the Wind Mountain gold and silver property, located in northwestern Nevada.
Bravada holds an unencumbered 100 percent ownership of the property subject to a 2 percent NSR royalty payable to the vendor of the property, which is subject to a “buy down” of 1 percent thereof for $1 million. The Company received from Solidus during the option period US$300,000 and 676,676 Solidus shares, which it presently holds.
An independent resource estimate for Wind Mountain commissioned by Bravada in 2012 reported 570,000 ounces of gold and 14.7 million ounces of silver and an additional 354,000 ounces of gold and 10.1 million ounces of silver. No additional drilling or metallurgical studies were conducted by Solidus during the option period.
President Joe Kizis commented, “We are pleased to have this potentially near-term production asset back in Bravada’s property portfolio. Of our 15 properties in Nevada and one in Ontario, we currently have agreements with five mining and exploration companies on six of our properties. Those option agreements in aggregate include earn-in work expenditures of up to $6.5 million and payments to Bravada of up to more than $3 million of cash and shares, with residual working or royalty interests retained by the Company. We expect that Wind Mountain will be a desirable development property for a potential option based upon its current resource and development potential, as well as its exploration potential.”
