Under the proposed deal, Stina would earn a 70% interest in Royal Mines’ private Smith Lease Property in the Searchlight Mining District, as well as a 40% stake in the company’s 100% interest in 20 Piute Valley claims, also in the Searchlight Mining District.
To acquire the interest of the claims package, Stina would agree to complete $100,000 of exploration work on the properties within 12 months, and a further $900,000 within three years of the formal agreement with Royal Mines.
Stina president James Corrigan said that the Searchlight project fits well with Stina, as it offers a substantial exploration opportunity which can be initiated at any time of the year.
Upon completion of the deal, the parties intend to initiate drilling and exploration on the Smith Lease Property first, and then proceed to the Piute Valley claims.
