An additional option is available to the company to acquire another 25% interest, for a total of 40%, with a $3m payment two months prior to the one year anniversary of the execution of the contract.
The Iowa Canyon property consists of 155 unpatented mining claims covering approximately five square miles.
All American said it has had the opportunity over the past year to evaluate this project through a right of first refusal agreement which recently expired.
All American CEO Brent Welke said the Iowa Canyon project represents a high-quality exploration opportunity having, as of yet, untested potential within several gold and silver bearing targets.
