The agreement terms include $5,000 due 30 September 2013 and a minimum work expenditure of $120,000 in the first year of the agreement as well as a minimum work expenditure of $250,000 in the second year of the agreement.
Additionally, the deal includes a minimum work expenditure of $350,000 in third year of the agreement and a minimum work expenditure of $1,250,000 in the fourth year of the agreement.
Nevada Gold is planning to further explore and evaluate the property for potentially richer deposits that might be exploited in the current climate of high precious metal prices.
Publicly traded US exploration company, Nevada Gold is a focused on metals targets in the gold rich area of North Eastern Nevada.
The company has produced over 200 million ounces of gold till date, while Nevada accounts for almost 84% of the US’s annual gold production.
The Diamond Jim Mine in Elko county consists of 35 claims and is located in northeastern Nevada, 20 miles (32 km) south of the Idaho border, 69 miles (111 km) north of the city of Elko and 260 miles (418 km) northeast of the city of Reno.
