Under the terms of the agreement, Endomines will pay total consideration of USD 200,000 to NexGen for the Lease
Endomines AB (the “Company” or “Endomines”) is pleased to announce that it has entered into an Assignment and Assumption agreement (the “Agreement”) to acquire the Friday Open Pit Mine Lease for the Friday Mine (the “Project”) from NexGen Mining, Inc. (“NexGen”) (OTCPK: NXGM). Under the terms of the agreement, Endomines will pay total consideration of USD 200,000 to NexGen for the Lease.
With the addition of the open pit rights, Endomines has now completed the consolidation of the Friday mining rights. The Project is a high-grade, open pit gold project representing the mineralization encompassing and surrounding the Friday Underground Mine already owned by the Company. The Project has a historical indicated resource totaling 647,000 ounces of gold contained in 20.1 million tonnes (22.2 million short tons) of mineralized material, as well as an additional inferred resource of 590,000 ounces of gold in contained in 20.8 million tonnes (22.9 million short tons) of mineralized material.
Source: Company Press Release