Pinson - Nevada
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1%–2% NSR 1,063,000 oz M&I / 1,146,600 oz I (Au)¹ Barrick Gold Corporation / Atna Resources Ltd. |
The Pinson Project is located at the intersection of the Getchell Gold Belt and the Battle Mountain–Eureka Trend in the heart of the Nevada Gold Province. Pinson is situated adjacent to Barrick and Newmont’s Getchell / Turquoise Ridge Mine and eight miles from Newmont’s Twin Creeks Mine complex.
Franco-Nevada holds a 1%–2% NSR royalty on certain claims which cover a portion of the Pinson property and surrounding areas in Nevada where a Barrick subsidiary, Pinson Mining Company, has elected to back-in on the project under the terms of their agreement with Atna Resources. The back-in requires Barrick to spend US$30 million to continue exploration and development of the property by April 5, 2009 to earn back to a 70% operating interest in project. Franco-Nevada is receiving AMR payments on the property, which will be credited against any future production royalty payments when and if they occur.
Franco-Nevada holds royalties on checkerboard lands covering more than 20 sections in the area covering portions of the Pinson and Getchell properties (see sketch below).
¹ At a 0.2 oz/t Au cut off.